Li & Fung saw its sales increase by a mere 1.0 percent to $20.2 billion in 2012. In the trading unit, which accounts for 70 percent of the total turnover, sales fell by 12 percent in Europe but grew by 5 percent in the U.S., with an 8 percent overall drop in average prices offsetting a 10 percent increase in volumes. Core operating earnings declined by 42 percent to $511 million, largely due to restructuring in the U.S., and net earnings went down by 9.4 percent to $617 million.

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