Annual Fastener Production in Wenzhou Reaches RMB14.8 Billion

The Fastener Industry Association in Wenzhou China indicated in its member conference that in the changing economic environment, the development of Wenzhou fastener industry is turning well. The market share of high end products is increasing, which also helps advance the quality of the brands. As known, the total production of Wenzhou fastener industry in 2011 will reach RMB14.8 billion and exhibit a YoY growth of 9.7%.

So far there are over 600 industries in Wenzhou whose capitals are over RMB 60 billion, including 7 companies taking the lead in the fastener industry. Wenzhou Fastener Association consists of 213 members and the annual production of these companies is over RMB10 billion each, representing over 50% of the total industry. On the other hand, according to the statistics of the customs, the foreign demand is very strong in 2011 and the foreign sales of Wenzhou fastener industry is really good. In the first 3 quarters, the export of steel and copper fasteners in Wenzhou reached 11,168 tons and the export value amounted to USD24.52 million.