US Debt Crisis Will Increase Export Risks Of Chinese Textile Enterprises

China Textile Industry Association 22 experts said that in early August, President Obama formally signed the debt raised by the two chambers. Upper bound motion And standard & Poor's downgraded the long-term government bond rating of the United States. The global market wealth has shrunk, the purchasing power has declined, and the US dollar has been threatened by the US debt crisis. depreciation The trend will be strengthened and other factors will affect the growth of China's textile and clothing exports in the second half of the year.

Experts believe that the fall in US asset prices will directly impact the confidence of American consumers, because private consumption accounts for 70% of GDP in the US. Once its consumption is in the doldrums, the recovery process in the US will be significant. slow down To combat the export of Chinese textiles and clothing to the US market.

According to analysis, in the second quarter of this year, the growth rate of real consumption expenditure of domestic residents in the US has slowed down. In the two quarter, the actual consumption expenditure of the US residents increased by 2.09% compared with the same period last year, of which clothing and clothing consumption grew by 4.24% over the same period last year, a marked decrease compared with the first quarter of this year. The growth rate of textile clothing imported from the United States has also slowed down. In the first half of 2011, the United States imported 12.83% of the textile and apparel products from the world, and the growth rate dropped 0.48 percentage points compared with the first quarter.

Experts say the increase in the depreciation of the US dollar will further accelerate the passive appreciation of the renminbi. According to the data of the state foreign exchange trading center, in August 16th, the central parity rate of RMB against the US dollar was 6.3925, and then reached a new high level since the exchange rate reform. The RMB has entered the "6.3" era against the US dollar, and the appreciation of the renminbi will continue to weaken the export of China's textile and clothing products, which are subject to higher cost and higher export prices. Price competitiveness 。

At the same time, RMB appreciation will accelerate international orders to Vietnam, India, Pakistan and other neighboring countries. Not only will China's textile export enterprises suffer losses from foreign exchange settlement, loss of profits, export orders, and other losses, but also will affect the ability of the industry to absorb social employment, and the domestic market competition situation of textile and garment products will continue to aggravate as the export speed slows down.

It is undeniable that the US debt crisis has pushed the risk to the global creditors. Affected by this, the pace of global economic recovery will slow down, and the purchasing power level of the international market will be weakened. At the same time, the depreciation trend of the dollar is strengthened, which will further inhibit the growth of China's textile and clothing exports in the second half of the year.

Experts from the China Textile Industry Association stressed that China's textile export enterprises should diversify their export markets, speed up the pace of product innovation and development, actively increase the added value of products, and choose financial instruments to avoid trade risk. Trade risk 。