China leather exports decline 11.3% in 2016

BEIJING — China's leather exports dropped 11.3 percent year-on-year to $76.4 billion in 2016 on weak demand, according to the China Leather Industry Association.

Exports to the United States, the largest overseas market, declined by 15 percent year-on-year, Ye Xiangju, deputy secretary general of the China Leather Industry Association, said at a press conference.

The decline was caused by higher raw material costs, lower demand and weaker comparative advantage of Chinese leather products in the international market, according to Ye.

In 2016, imports dipped 7 percent from the previous year to $8.9 billion, Ye said.

For the first time, imports of finished leather products surpassed raw materials in value during last year.

The industry's sales revenue last year stood at 1.4 trillion yuan ($203 billion), up 3.2 percent year-on-year, 2.9 percentage points lower than that in 2015.