Depreciation Of The Euro, Footwear Exports To The EU Or Atrophy

As one of China's main export markets, the EU's trade status should not be underestimated.

Especially when the financial crisis broke out, the strength of the euro has won the favor of many international traders, and has also made some export enterprises in Wenzhou accustomed to the euro settlement.

According to statistics, Wenzhou's exports to the EU increased by 24% in the 1-6 months of this year, and exports to the European Union accounted for 27.5% of Wenzhou's total exports.

From the first half of the year's export data, the growth rate of exports to the European Union is 5.3% lower than that of Wenzhou's overall export growth.

However, the euro, which has always been valued by Wenzhou enterprises, has entered the path of depreciation when Greece's debt problem is exposed. This has also become the beginning of the nightmare of those who are accustomed to using the euro to settle accounts.

The euro continued to fall against the RMB exchange rate, falling nearly 15% in the past six months, and the worst performance in all non US currencies.

Some major export enterprises in Wenzhou indicated that because of the settlement of the US dollar by some enterprises, the direct depreciation of the import and export trade caused by the continued depreciation of the euro was not large, but the export orders for the EU in 5 and June have begun to decrease.

Wenzhou's exports to the EU are mainly low value-added traditional products, such as shoes, clothing, glasses, etc., and European enterprises that need to import goods from China may lower prices or even reduce orders.

Export companies generally expressed concern that, if the euro continued to fluctuate, exports to Europe would just shrink.