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'Take advantage of Euro crisis' – Textile forum
23
Jun '10
Recently, chiefs of textile enterprises from Fujian, Zhejiang and Guangdong held an analysis forum on how to tackle and respond to the situation created from the Euro crisis in Shishi city. The meeting concluded that the crisis should be converted in to an advantage rather than a disadvantage.

The Euro has slide down all the way since May till now and as the "Euro crisis" continues to deepen, the Euro has devaluated from 9.922 in early May to 8.156 in the third week of June against the Yuan. The devaluation is nearly 18 percent.

However, the European Union remained China's largest trading partner in the first five months of 2010. China-EU bilateral trade stood at US $177.49 billion, up 37.4 percent year on year in that period.

Shipping prices too have continued to rise. A container shipped to Hamburg, Germany charged 12,000 Yuan last year, which has now has risen to 29,000 Yuan, mainly due to increase in traffic and supply to the EU.

Representatives identified that the reason for the growth in exports in 2010 was the total depletion of stocks in the EU countries. Secondly, European retailers did not press for price reductions. However, it is Chinese companies that took the initiative to give reduction in price.

Enterprises in Shishi and Shenzhen are willing to do business with EU businessmen, mainly because the products imported by them are higher added value and EU businessmen have good credit.

Familiar partners generally do not shift orders away, middle and long-term orders are highly stable. Representatives pointed out that mutual friendship even makes bilateral trade relations come even closer in these times of crisis.

Fibre2fashion News Desk - China

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