In recent days, with the warming up of the sovereign debt crisis in Greece, Ireland, and Portugal, the debt crisis began to spread from the peripheral countries of the euro zone to the core countries, and the global economy may suffer a huge impact.
According to the electromechanical online editor, the debt crisis in Europe has spread to the real economy. The signs of a large number of corporate failures are likely to affect China’s export companies, leading to problems in the flow of funds. In this fierce financial crisis, electromechanical exports have also continued to appear low and have been greatly affected.
It is reported that among the main targets of China’s foreign trade exports, the EU is China’s largest trading partner, and among the export products, hardware and electromechanical products have maintained the status of the largest category of export commodities for sixteen consecutive years, accounting for 60% of total foreign trade exports. More than 70% increase. In the second half of last year, the euro continued to depreciate against the yuan by more than 15%. The intensification of the European debt crisis in the past few days has caused a low level of electromechanical exports.
Due to the intensification of the debt crisis in Europe, the credit ratings of many European countries have been lowered. Electromechanical online Xiao Bian found that the current use of the company's export L/C was also problematic. The company reported that some banks began to refuse to accept letters of credit or reduce loans, which caused the European trade default rate in Guangdong to gradually increase. In addition, as the exchange rate of the U.S. dollar against the euro continues to rise, the RMB’s effective exchange rate will rise on the basis of the appreciation of the U.S. dollar against the U.S. dollar, which will be detrimental to the export of electromechanical devices. According to Guo Shixian, business development manager of Sanxin International Electric (Shanghai) Co., Ltd., “We have been under pressure from the RMB appreciation against the Euro in the past six months. We have found that some of the contracts being fulfilled have been settled according to the original exchange rate and have actually been losing money.â€
Intensifying the European debt crisis, the exporter of electromechanical export companies that would have improved in the second half began to panic, whether the tragedy of 2008 will be re-staged, how to deal with China's mechanical and electrical export enterprises? These have become the focus of electromechanical companies. To this end, electromechanical online Xiao Bian lists the following four adjustment strategies to provide some reference for export-oriented electromechanical companies.
(a) Strictly control the prices of raw materials. Affected by the squeeze of profit space, hardware and electrical raw material prices continue to rise. Compared with the same period of last year, the price of steel in the first quarter of this year increased and oscillated, causing the automobile manufacturing cost to increase by about 10%. Most mechanical companies account for more than 50% of the cost of metal materials, and some companies even up to 70%-80%. The increase in costs will inevitably increase business pressure. It is recommended that the government and relevant departments strengthen the monitoring and early warning of the prices of upstream raw materials to help enterprises improve their anti-risk capabilities.
(b) Training professional talents. The majority of mechanical and electrical export industries are capital-intensive and technology-intensive industries. Compared with labor-intensive industries, labor costs account for a relatively low proportion of product costs. While increasing the cost of employing people, electromechanical enterprises must strengthen the training of comprehensive personnel so that they can increase their decisive battle chips.
(c) Maintain the normalization of credit support policies. At present, it is necessary to resolve the issue of tight foreign exchange positions and ensure the full supply of domestic financing. Second, it must show flexibility in the issue of guarantees, draw on international practices, accept project guarantees and other non-sovereignty and bank guarantees.
(d) Strengthen self-discipline in the export industry. With the current increase in operating costs, some industries with intense competition, severe homogeneity of products, and weak bargaining power from foreign countries have a higher voice in deterring low-price competition. It is suggested that full play should be given to the role of industry organizations to strengthen self-discipline in the export industry.
The advanced economies are the source of the global financial crisis and debt crisis. It may be necessary to observe when the debt crisis has passed. In the face of all sorts of opinions, electromechanical online Xiaobian reminds electromechanical companies that they must not be confused and respond positively. They must adhere to their own correct development path and allow companies to successfully emerge from the predicament.
According to the electromechanical online editor, the debt crisis in Europe has spread to the real economy. The signs of a large number of corporate failures are likely to affect China’s export companies, leading to problems in the flow of funds. In this fierce financial crisis, electromechanical exports have also continued to appear low and have been greatly affected.
It is reported that among the main targets of China’s foreign trade exports, the EU is China’s largest trading partner, and among the export products, hardware and electromechanical products have maintained the status of the largest category of export commodities for sixteen consecutive years, accounting for 60% of total foreign trade exports. More than 70% increase. In the second half of last year, the euro continued to depreciate against the yuan by more than 15%. The intensification of the European debt crisis in the past few days has caused a low level of electromechanical exports.
Due to the intensification of the debt crisis in Europe, the credit ratings of many European countries have been lowered. Electromechanical online Xiao Bian found that the current use of the company's export L/C was also problematic. The company reported that some banks began to refuse to accept letters of credit or reduce loans, which caused the European trade default rate in Guangdong to gradually increase. In addition, as the exchange rate of the U.S. dollar against the euro continues to rise, the RMB’s effective exchange rate will rise on the basis of the appreciation of the U.S. dollar against the U.S. dollar, which will be detrimental to the export of electromechanical devices. According to Guo Shixian, business development manager of Sanxin International Electric (Shanghai) Co., Ltd., “We have been under pressure from the RMB appreciation against the Euro in the past six months. We have found that some of the contracts being fulfilled have been settled according to the original exchange rate and have actually been losing money.â€
Intensifying the European debt crisis, the exporter of electromechanical export companies that would have improved in the second half began to panic, whether the tragedy of 2008 will be re-staged, how to deal with China's mechanical and electrical export enterprises? These have become the focus of electromechanical companies. To this end, electromechanical online Xiao Bian lists the following four adjustment strategies to provide some reference for export-oriented electromechanical companies.
(a) Strictly control the prices of raw materials. Affected by the squeeze of profit space, hardware and electrical raw material prices continue to rise. Compared with the same period of last year, the price of steel in the first quarter of this year increased and oscillated, causing the automobile manufacturing cost to increase by about 10%. Most mechanical companies account for more than 50% of the cost of metal materials, and some companies even up to 70%-80%. The increase in costs will inevitably increase business pressure. It is recommended that the government and relevant departments strengthen the monitoring and early warning of the prices of upstream raw materials to help enterprises improve their anti-risk capabilities.
(b) Training professional talents. The majority of mechanical and electrical export industries are capital-intensive and technology-intensive industries. Compared with labor-intensive industries, labor costs account for a relatively low proportion of product costs. While increasing the cost of employing people, electromechanical enterprises must strengthen the training of comprehensive personnel so that they can increase their decisive battle chips.
(c) Maintain the normalization of credit support policies. At present, it is necessary to resolve the issue of tight foreign exchange positions and ensure the full supply of domestic financing. Second, it must show flexibility in the issue of guarantees, draw on international practices, accept project guarantees and other non-sovereignty and bank guarantees.
(d) Strengthen self-discipline in the export industry. With the current increase in operating costs, some industries with intense competition, severe homogeneity of products, and weak bargaining power from foreign countries have a higher voice in deterring low-price competition. It is suggested that full play should be given to the role of industry organizations to strengthen self-discipline in the export industry.
The advanced economies are the source of the global financial crisis and debt crisis. It may be necessary to observe when the debt crisis has passed. In the face of all sorts of opinions, electromechanical online Xiaobian reminds electromechanical companies that they must not be confused and respond positively. They must adhere to their own correct development path and allow companies to successfully emerge from the predicament.
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