Sunday, September 20, 2020

US Companies Get Needed Sales Boost in China

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Several U.S. companies say China helped them recover from massive losses earlier in the year related to the coronavirus pandemic.

The Wall Street Journal reported that companies such as Skechers USA, Nike, and Tesla have credited strong sales in China for helping them navigate the COVID-19-plagued market.

“China offered a model of recovery, stabilization and then growth,” Skechers USA CEO David Weinberg said recently.

Skechers, which makes footwear, saw a 42% year-over-year drop but experienced 11.5% growth in the Chinese market in the second quarter.

In nearly all sectors of the economy, sales were up in June in China. Topping the chart is cosmetics (20.5% growth), followed by beverages (19.2%), communications equipment (18.8%), commodities (16.9%), and tobacco and liquor (13.3%). Overall, retail sales in China fell 1.8% in June, a much improved result from the 11.4% drop in the first half of 2020.

The pandemic originated in Wuhan, China, late last year and spread worldwide by the early part of 2020. The Trump administration has come down hard on China, accusing it of sitting on news of the pandemic and keeping its airports open and letting people travel in and out of the country.

After seemingly getting a handle on the pandemic within its own borders, China is reportedly dealing with additional outbreaks of the virus.


© 2020 Newsmax. All rights reserved.


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