Euro "Leg Soft" Spinning Enterprises Will Lose Its Safe Haven

The soaring RMB exchange rate with the US dollar has made the EU market a "safe haven" for Zhongshan's export enterprises, especially textile and garment export enterprises.

However, this "final position" is also in danger of being left behind. In September 2nd, the yuan broke the "10" against the euro for the first time in September 2nd, and also hit many export enterprises hiding in the "European Union" market.

The euro exchange rate broke the "10" weakness. The data released by China Foreign Exchange Trading Center yesterday showed that the euro was 9.8288 against the RMB exchange rate, which was much lower than the 9.7692 of the previous trading day in September 5th.

The RMB exchange rate against the euro has weakened since September 2nd, after breaking through this important point of 10 yuan in a few days.

This year, with the continuous weakening of US import demand and the depreciation of US dollar, the export of European market has become a new choice for more and more foreign trade enterprises in Zhongshan.

He learned from Zhongshan customs that from 1 to July this year, Zhongshan exported to the European Union totaled 2 billion 256 million US dollars, which is 171 million US dollars higher than the US $2 billion 85 million exported to the US market in the same period last year.

"Since the beginning of this year, due to the depreciation of the US dollar, the US market accounts for about 70% of our export business, but after the adjustment of export market, the EU market now accounts for about 70% of our export business."

Nantou electrical appliance factory responsible person told reporters that the depreciation of the dollar let them give up a lot of orders, and pferred to the EU market "sheltered".

The pformation of the export market of the company also reflects the change of the export market of Zhongshan as a whole.

"Whether we are top executives or experts and scholars, we believe that the euro will last for a long time. The government has encouraged us to open up the EU market. It is a surprise to me that the euro broke overnight by" ten. "

In the face of the depreciation of the euro, the responsible person is also at a loss as to the future trend of the euro. "Will the euro weaken, and it will not repeat the mistakes of the US dollar?" the most obvious impact is on the textile enterprises. In addition, the textile quotas abolished in January 1st this year will accelerate the growth of China's textile and clothing exports to the EU, with an average monthly growth rate of around 40%.

In the first half of this year, Zhongshan's export processing enterprises, especially textile and garment enterprises, have intensified their efforts to develop the EU market.

According to statistics, in the first half of this year, the number and value of EU garments exported by the Zhongshan Bureau increased by 50% over the same period last year. The EU took the place of the second largest trade partner of Zhongshan's clothing export.

The total export volume is still the largest in Hongkong, accounting for about 40% of the total volume and value of goods.

"We mainly rely on exports to Europe this year to boost our performance, which is closely related to the EU's abolition of China's textile quotas this year."

The head of a garment factory in Shaxi told reporters that 90% of the volume of the company's business in the first half of this year was provided by the EU market. "The depreciation of the euro means that the original quotations of the export enterprises have been virtually improved for the European customers. We seem to be falling back into the original market in the US market. I really don't know how to go in the future."

Most worried about the EU market demand reduction. From the present point of view, the euro market outlook is still uncertain. How long and how long will the euro fall remains to be seen. Therefore, Zhongshan customs business experts remind enterprises that, in the face of the current uncertainty, export enterprises should try their best to be flexible and take the "short and fast" route when signing contracts with foreign countries.

Bankers also said that in the current period of large exchange rate changes, enterprises should be good at making use of all kinds of financial products to avoid exchange rate risks.

"Our business is almost the same in the US and EU markets, and after the weakening of the US dollar, we can say that we now have a strong immunity to the change of the euro exchange rate."

The director of the international marketing department of a port company told reporters that if the appreciation of RMB against the euro continues, it will have an impact on the export of enterprises, but the impact will not be too great in a short time, because they basically settle in US dollars, including the European Union.

According to the reporter, many export enterprises in Zhongshan are opening up the EU market. Most enterprises require the buyers to settle accounts in US dollars. Therefore, the change of the euro exchange rate is not their biggest concern. What they are most afraid of is the EU economic downturn and the reduction of market demand, resulting in the loss of large quantities of orders.

According to the data released by the EU last month, the euro zone economy has seen its first negative growth since 1995 in the second quarter of this year.