Orders up at Hong Kong fair

SANDY PARKER REPORT, VOL. 32, ISSUE 4, MAR. 10, 2008
The following extract is reproduced with permission from Sandy Parker Reports, Weekly International Fur News. Sandy Parker has been covering the fur industry for more than four decades. For most of that time he has published a weekly newsletter, detailing results of international pelt auctions, wholesale price trends, business developments and movements in the trade, as well as economic and political activities that may impact on it.
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International Fur News
with Sandy Parker
Orders up at Hong Kong fair
NOTWITHSTANDING BIGGER ORDERS PLACED BY RUSSIA AND OTHER EASTERN EUROPEAN MARKETS, overall business booked at the recent Hong Kong International Fur & Fashion Fair is being described as below exhibitors’ expectations. Although the general atmosphere at the big show exuded optimism, reflecting the buoyant mood generated by a successful winter retail season, there also was an undercurrent of caution attributable to the sharply higher price structure as well as the economic uncertainties in the American and Western European markets. Orders placed by buyers from those markets were believed to be down from a year ago.
Confirmed orders placed at the fair, according to the Hong Kong Fur Federation, the fair’s organizer, amounted to $142 million (U.S.), an increase of 35% over last year. But the 35% increase in dollar volume, in view of the sharp increase in prices – 30% or more – indicated that bookings of comparable units did not advance much, if at all. Unconfirmed orders, however, advanced even more, the federation reported. These, to be confirmed after buyers return home and review their selections, rose 118% to $296 million. If all are confirmed, this could represent a significant increase in units.
WILD FUR PRICES REGISTERED SHARP ADVANCES AT NORTH AMERICAN FUR AUCTIONS in Toronto last week, with many articles establishing new records. Most of the pressure was generated by Hong Kong/China and Greece/Russia, but with strong participation from Turkey and other markets. This year’s limited production of many species also contributed to the competition. As reported earlier, the season’s harvest is down because of the earlier onset of cold weather, particularly in Canada, which sent many species into earlier hibernation. In addition, trappers’ expectation of continued depressed prices, combined with higher fuel and other operating costs, caused many to cut back on their traplines.
IN THIS ISSUE:
Orders Up at Hong Kong Fair
Russia Again Biggest Buyer
Western Buyers More Cautious
Event Draws Slightly Fewer
Wild Fur Prices Up at NAFA
For extracts from back issues of Sandy Parker Reports see News Index. Subscribers can access an archive of complete issues at www.sandyparker.com.
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