The 239 companies surveyed were suppliers of telecommunications, home furnishing, fashion accessories, ready-to-wear, fabrics, hardware, sports and security. Nearly half of the companies surveyed were located in Guangdong, 24% were from Zhejiang, and 14% were from Fujian. Among them, more than one-third of the suppliers surveyed said that they expect the RMB to appreciate by 2% or more, and their export volume will start to decrease; 32% of respondents pointed out that a 3% appreciation will cause exports to fall.
Foreign trade expert and director of Global Sources Exhibition Department Huang Tanwei said that in order to deal with the risks brought about by exchange rate changes, some suppliers will increase the export price to offset the impact of RMB appreciation. A few suppliers have started to use 1 US dollar. The exchange rate of 6.6 yuan is quoted, and the current exchange rate is about 1.68 yuan. In the survey, 3% of enterprises plan to use the RMB as the basic currency for trading.
The economic recession in Europe and the United States, rising raw material prices, rising labor costs, and appreciation of the renminbi... How to deal with the increasingly complicated foreign trade situation has become a problem that many Chinese export companies must consider.
Huang Tanwei believes that although the European and American economies have been greatly affected, Wal-Mart's retail sales in the first three quarters increased by 2%, which indicates that daily consumer goods have not declined. The biggest impact should be durable goods and low cost-effective products. The growth rate of emerging markets exceeded the decline in the European and American markets. Under this circumstance, exporters should learn to do two markets at the same time. While opening up the foreign trade market, they should also gradually develop the domestic market.
In this survey, 30% of the companies surveyed indicated that they will focus on developing the domestic market to cope with the current export situation.
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