The biggest importers of Chinese goods are tightening their purse strings and their banks are stifling their credit limit. Despite the nearing Christmas season, consumer spending in the US has dropped by 3.1 per cent from the earlier quarter as reported by the US Department of Commerce.
The Brits too are becoming cautious customers. And their government even more so. The Food Standards Agency is recalling several Chinese-made flavoured body spreads that contained the same banned melamine-tainted milk solids that sickened babies in China.
Indians, however, proved to be equipped with a stomach and a wallet. The consumer product segment shone in the quarter ending 30 September with HUL reporting a net profit growth of 34 per cent and Whirlpool a whopping 123 per cent.
Also, China is India's largest trading partner with imports estimated to cross $35bn this year. What better market for China to dump its rejected goods…again?
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