On September 16, the exchange rate of the onshore RMB against the U.S. dollar fell below the 7 mark. The previous day, the exchange rate of the offshore RMB against the U.S. dollar had already "broken 7" one step earlier.
Such an exchange rate is a timely rain for foreign trade enterprises this year. Because the devaluation of the renminbi helps exporters to increase their sales revenue.
However, Tan Yaling, President and Chief Economist of the China Foreign Exchange Investment Research Institute, believes that the devaluation of the RMB is not enough to tide over the difficulties for foreign trade export enterprises. In the past two years, with the rising prices of raw materials for bulk commodities, combined with rising shipping prices and rising labor costs, orders have dropped sharply, making it particularly difficult for small and medium-sized enterprises."
Our export report card this year is very beautiful, but why do many foreign trade people have no obvious peak season feeling?
It should be noted that a large part of the increase in export volume is due to the increase in overseas prices, not the increase in sales; Small businesses, labor-intensive businesses feel less obvious.
The pressures faced by more foreign trade people mainly include the following aspects.
It is not only the RMB that has depreciated, and the import cost of many countries has risen
The fundamental reason for this wave of devaluation of the renminbi is that the dollar is too strong.
Due to the current status of the U.S. dollar in the global monetary system, international trade is generally settled in U.S. dollars. When a country's local currency depreciates sharply against the U.S. dollar, it will cause the country's import cost to rise sharply.
In other words, these countries were reaped by a strong dollar.
In other words, our exporters haven't raised prices yet, and buyers have lost more than 10% of their profits directly on the exchange rate!