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Shijiazhuang (CNS) -- Slowing foreign trade growth due to sagging overseas demand has caused small and medium-sized solar panel enterprises in Hebei Province to halt production and lay off employees, Long Guiqiu, of the Hebei Information Industry and Informatization Association, said at a press conference Wednesday.
Yingli Solar and Jinglong Group, two solar giants in Hebei, had revenue of 18.8 billion yuan from January to September this year, 15 billion yuan less than the same period last year, according to a report released at the conference.
Yingli has attempted to address the problem by developing new markets in Latin America, and has become the largest supplier in that area, Wang Yiyu, chief strategy officer at Yingli Solar, said, adding that exports to emerging markets had risen while exports to the U.S. and European Union had decreased.
Wang also said that more than 36 percent of their products would be put onto the domestic market in the latter part of this year.
Jinglong Group said it is also trying to reduce its dependence on the foreign market. Its subsidiary company Jing'ao has reportedly received orders from two state-owned enterprises.
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