China's Shoe Exports May Face A Sharp Fall Risk

Relevant departments of the Ministry of Commerce issued the latest research report to remind governments at all levels and export enterprises to prevent exports from falling rapidly due to the downward trend of the world economy. According to the report, China's foreign trade enterprises, which take the US as the main export market, are likely to suffer the embarrassment of shrinking orders in the future. This report is not optimistic about China's export environment. The report believes that with the gradual follow-up of the subsequent impact of the US subprime mortgage crisis, the slowdown in the US economy is unavoidable, which will affect my goal of export and growth to a certain extent. The Ministry of Commerce's export statistics for the first three quarters of this year showed that with the slowdown of the US economy, the export growth rate of the United States showed a downward trend. Especially since the outbreak of the subprime mortgage crisis in July this year, the export to the US has dropped considerably in the third quarter. In the first quarter of this year, my exports to the United States increased by 20.4% over the same period, down to 15.6% in the second quarter and only 12.4% in the third quarter. At present, China's direct exports still rely heavily on the US market. In the first three quarters of this year, China's exports to the United States increased by 15.8% over the same period last year. Exports to the US still account for 19.4% of China's total exports, after only 20% of the EU's total. Central bank studies show that my exports to the US are closely related to the change in US consumption data, and the US economic growth slows by 1 percentage points, and my exports will drop by 6 percentage points. At present, China's exports to the US are mainly consumer products such as electronic products, furniture, toys, footwear and clothing.