Textile Enterprises Should Pay Attention To: The Best Export To Europe Is US Dollar Settlement.
In the first 9 months of this year, China's textile and clothing exports to the US increased by only 1.5%, while exports to the EU maintained a rapid growth of 40%.
At the Canton Fair, the number of customers from the United States decreased, and the number of merchants from Europe remained stable because of the obvious recession in the US. Many textile and garment enterprises focus on European customers. Since the dollar has been strong since August this year, the yuan has risen sharply against non US currencies such as the euro. Over the past 3 months since July 15th, the euro has declined from 10.85 to 8.61 at the end of October, and the depreciation rate has reached 20%. The exchange rate of the pound against the renminbi has decreased from 13.61 to 10.96 at the end of October, and the devaluation rate has also reached 20%. Many companies that used euro and pound settlement in European trade suffered heavy losses. In this regard, we remind the relevant enterprises that enterprises must be cautious of exchange rate risk when they conclude pactions with Europe. In order to avoid exchange rate risk, it is suggested that US exporters should use US dollar settlement as far as possible in the future so as to ensure the expected benefits for EU exports.
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