Word: footwear
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Dates: during 2000-2009
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...FOOTWEAR $78 Average price of a pair of the popular Crocs footwear in Israel $3.60 Cost of a pair of pirated, Chinese-made Crocs being sold to Palestinians...
...FOOTWEAR...
...Average cost of a pair of Crocs footwear in Israel...
...workers their jobs. Makers of low-end goods are already suffering. The Guangdong city of Huidong was home to 3,000 shoe factories at the beginning of 2007, but as many as 500 of them have closed over the past 15 months, says Li Peng, secretary of the Asia Footwear Association in Hong Kong. One-sixth of 44,200 textile firms tracked by the China National Textile and Apparel Council lost money last year and two-thirds are just breaking even. "Manufacturers' profits are so low that when they hit the slightest snag, they have to close," says...
...cheap Chinese-made products. But this era may be ending. Most economists are predicting a significant slowdown in worldwide GDP growth in 2008. This slowdown, predicts Lehman Brothers economist Sun Ming-chun, will prove to be the "unmasking of [manufacturing] overcapacity in China." Says Li of the Asia Footwear Association: "The cake is only so big, and when you have too many people trying to eat it, you will definitely have some go hungry...