Chinese Export Prices Rise Some Buyers India Vietnam Procurement

A survey of 385 international buyers showed that most buyers surveyed said they needed to pay higher prices for Chinese products.

According to the survey, 68% of the buyers surveyed pointed out that the appreciation of the renminbi had an impact on their strategy of purchasing from China, of which 54% of respondents indicated that the appreciation of the renminbi caused Chinese products.

In response to the strong appreciation of the renminbi, 54% of the surveyed buyers plan to increase their purchases from other countries, of which 57% point out that India will be a major choice for them.

However, buyers still have certain dependence on Chinese exporters for specific specifications and the need for prompt delivery.

Because of the rising prices of Chinese products, Chinese exporters must make greater efforts to enhance and promote their competitiveness and offset the impact of rising prices by providing better service, quality and higher output.

According to the survey, the buyers plan to implement the measures to deal with the appreciation of the renminbi and the rising price of Chinese products, including: 24%, the buyers will increase the retail price; 22% of the buyers plan to reduce the quantity of each purchase and the time to postpone the order; 20% of the buyers will only buy low-end products from China; 17% of the buyers will point out that they will only purchase high-end and high-end products from China; 14% of the buyers will exchange the fixed export quotas; 9% of the buyers plan to use Renminbi as the basic currency for trade settlement.

Data show that 31% of respondents said they would increase purchases from Vietnam, of which more than half were buyers from Europe and the United States, and another 19% came from the Middle East.

Most of them purchase consumer goods such as hardware, fashion and accessories, and some buyers purchase personal electronic consumer goods.

In addition, Vietnam's clothing products are generally cheaper than China's 30%, so Chinese garment exporters have already felt the overseas buyers' procurement pfer, among which the casual wear industry has been most seriously affected.

The survey also found that 30% of the buyers surveyed planned to increase purchases from Thailand, 24% of them were buyers from Europe and the US, followed by Middle East buyers to 22%.

According to the survey, the survey was conducted in December 2010 and visited 385 buyers of electronic products, household goods, gifts and gifts, garments and textiles and hardware products made in China. Most of the buyers were from China's main export markets, including Europe and the United States, while the rest came from the Middle East, central and South America and Asia.