US Chain Store Tycoons Are Also Unable To Carry It? The US And Europe Have Stopped Imports, And 18 Billion 400 Million Yuan Orders Have Been Cancelled.

With the increase in the number of confirmed cases, the impact of the new crown pneumonia epidemic on the US economy has begun to penetrate into more industries. The latest figures released by the US Department of labor show that in the week ending March 21st, the number of Americans applying for unemployment benefits for the first time was 3 million 283 thousand, a record high.

The pressure of the epidemic on the US job market is still increasing. The US Department store chain store Messi 30 announced that the company would lay off about 130 thousand people.

Affected by the new crown pneumonia epidemic, Messi stores in the United States had closed all retail stores nationwide. Local time 30, Messi department store announced that the company from the beginning of this week, will temporarily lay off about 130 thousand retail terminal business personnel.

　　 Despite the fact that online sales are still in operation, Messi stores still say that the full shutdown of the physical retail business has had a huge impact on the sales of the company. Thus, as a listed company, Messi stores will not pay dividends in the first quarter, and has recovered the previous 2020 sales and profit targets.

From the industry perspective, the pressure of layoffs in American enterprises has exceeded the most direct impact of the epidemic. In addition to the retail industry, Ge Corp recently said that the jet engine business sector will reduce about 2500 employees, accounting for about 10% of its total number of employees.

　　 In addition, clinics that are not related to the epidemic are shutting down stores and firing employees. Many people who are out of work recently say they are helpless to apply for unemployment benefits.

　　 Nelson, a unemployed optometrist in Washington, USA: Unfortunately, I worked in a small company before, and I could not get paid during the epidemic. Before I had the highest income at home, now I can only apply for unemployment benefits.

　　 Anton Nellis, an unemployed dancing teacher in Losangeles, USA: depressed, frightened and ashamed. I have been wandering in these emotions since I lost my job. I don't know the sense of shame.

Since the financial crisis, the US employment market has been expanding for nearly 10 years, and the number of working people has increased for 113 consecutive months. Millions of Americans have found jobs. Less than a month ago, the unemployment rate in the United States remained at 3.5%, the lowest level since last 60s.

Reuters reported that, in the face of this outbreak, the longest expansion period in the history of the US employment market is likely to end.

A recent survey released by the Wall Street journal shows that the US economy is in decline almost certainly under the outbreak of the new crown pneumonia. In some ways, the impact of the epidemic on the US economy may exceed that of the 2008 financial crisis.

The US and Europe have stopped imports, and Vietnam's textile industry has been hit hard.

Vietnam has always wanted to become a new world factory. In recent years, it has continuously strengthened its ties with western countries, and indeed has received large orders from the United States and the European Union, mainly focusing on textiles. But by the recent outbreak of new viruses in Europe and the United States, Vietnam, which is highly dependent on the US economy, is facing serious difficulties.

In fact, the relationship between Vietnam and the United States is not only for making clothing for American enterprises, but also for the dependence on the US dollar. Vietnam is very dependent on US dollar debt, and the US economy has been attacked. Vietnam is also unable to stay away from it. European and American customers have formally informed Vietnam that they will suspend accepting Vietnamese goods for at least three weeks, depending on the follow-up development of the new virus. It is concluded that Vietnam is unable to export textiles to Europe and the United States for at least a month. In addition, even orders for transportation on the road have been rejected by Europe and the United States, and the other side may not be subsidized by transport.

Vietnam is very anxious to know that nearly half of the textile products in the country are exported to the United States each year, and about 18% of them are exported to Europe. The abandonment of the main market has resulted in Vietnam losing nearly 2/3 of its textile sales recently. Even if the virus situation in Europe is eased, the first choice for people to buy large quantities will be necessities and medical supplies instead of clothing. Therefore, many Vietnamese are very pessimistic about the prospects for development in 2020. Because of the reduced demand, many Vietnamese enterprises even consider temporarily dismissing some workers.

It should be pointed out that, like Vietnam and India, the high growth economic data in recent years are actually accumulated by a large amount of US dollar debt. In order to protect itself, the United States decided to let the Federal Reserve Open Water and open unlimited printing money. Foreign exchange reserves amounted to 83 billion dollars, and Vietnam suffered heavy losses. In a sense, the United States sacrifices the interests of Vietnam and other countries, so Vietnam's manufacturing is being blocked by the United States and Vietnam's lack of independent development is temporarily unable to preserve its own development. The economy may face recession or even return to its original form. In the short term, it will not be possible to realize its dream of becoming the world's factory.

18 billion 400 million yuan orders were cancelled, Bangladesh garment industry suffered heavy losses

Recently, the new coronavirus pneumonia is rampaging around the world, causing serious impact on all sectors of the world, especially in aviation, transportation, catering, automotive and entertainment industries. Among them, dozens of global airlines have declared bankruptcy.

With the development of the epidemic, the garment industry is also experiencing a serious crisis. Bangladesh clothing manufacturers and Exporters Association said today: the domestic garment orders of up to 2 billion 600 million US dollars (about 18 billion 400 million yuan) were forced to cancel, affecting 1 million 960 thousand practitioners.

Bangladesh garment manufacturers and Exporters Association said today: because of the outbreak, a number of countries implemented blockade measures, and a large number of shops were forced to close, resulting in a large number of businesses unable to operate normally, and then brought about a serious threat to Bangladesh's garment manufacturing industry.

　　 Bangladesh Minister of Commerce said: according to the latest statistics, up to 2 billion 600 million U.S. dollars in clothing orders have been canceled, involving 966 garment factories, about 828 million garments, affecting 1 million 960 thousand employees, and with the further development of the epidemic, this situation will continue to deteriorate.

Bangladesh is the second largest garment exporter in the world, second only to China. At present, there are about more than 4600 garment manufacturing factories in Bangladesh, with 4 million 100 thousand employees, mainly receiving orders from Europe, the Americas and Australia. The data show that the total export volume of Bangladesh from 2018 to 2019 is 40 billion 500 million dollars, of which 84.21% of clothing accounts for 84.21%. Over 60% of clothing is exported to European Union countries.

The Ministry of Commerce of Bangladesh said: "we do not want any businesses to cancel any orders. They can choose to postpone the purchase and pay part of the deposit in advance. This will help clothing manufacturers to survive better and keep buyers' good credit.

EU suspended imports of garments made in Burma

DUKAI Kai, Secretary of the Burma Garment Association, said that because of the outbreak of COVID -19, some EU brands decided to cancel the plan to buy clothing from Burma because of the decrease in sales volume.

Duke Kai said, with the problem of shortage of raw materials being solved, brand operators have stopped purchasing clothing garments, which is another challenge for garment factories. Due to the suspension of garment imports, garment industry, including garment factories and workers, may face difficulties.

Wu Minsuo, chairman of the Burma Garment Association, said that because Burma received the GSP from the European Union, 65% to 70% of Burma's clothing exports were based on the EU market.

It is understood that the EU provided GSP/EBA treatment to Burmese in 2013. In 2018, the European Union allowed imports of 2 billion 300 million euros from Burma. The EU says trade preferences will reduce Burma's tariffs by 250 million euros.

It is reported that Burma mainly exports garments, shoes and rice to the European Union. 80% of the garments produced in Burma are exported to the European Union. Moreover, Burma exports most of its clothing to the EU, and second of it is rice.