Jiaxing’s fastener exports jumped 2.65% year-on-year to $210 million in the first quarter of 2014, the first positive growth year-on-year after eight-quarter negative growth since Q1 of 2012. However, the export value of fasteners accounted for 4.15% of the city’s total export value, which was slightly down from the same period of last year.

Jiaxing Fastener Export Highlights in Q1:

1. Exports to U.S. and European markets posted uptrend. EU and the U.S. have been Jiaxing’s main fastener markets. Exports of fasteners to U.S. in the first quarter reached $56.91 million, up 25.99% year-on-year. Exports to EU amounted to $43.21 million, up 12.93% year-on-year. Exports to these markets accounted for 47.57% of the city’s total exports of fasteners, up 6.88% compared with the same period of 2013.

2. Exports to the BRICS declined. Jiaxing’s fastener exports to Russia, Brazil, India, and South Africa declined 17.2% to $34.75 million. Russia, the third largest importer of Jiaxing’s fasteners, saw the largest decrease in the first three months of this year. Exports of Jiaxing’s fasteners to Russia dropped 34.4% year-on-year to $18.81million.

3. The number of big exporters rose. There were 50 companies exporting fasteners exceeding 1 million in the first three months, compared with 46 companies in the same period of last year. About 10 companies achieved the export value of more than $5 million, compared with that of 7 companies in the same period of 2013.

4. The general trade was still the main way to export fasteners. The export value by general trade in Q1 achieved $199 million, accounting for 94.76 % of Jiaxing’s fastener exports.

5. The fastener export price showed a slight decline. The average export price for the steel or iron fasteners decreased 0.15% to $1,314/ton in the first quarter of 2014. The price for the copper made fasteners dropped 13.69% to $10,260/ton. The price for the aluminum fasteners grew 9.87% to $2,727/ton.

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