China'S Clothing Exports To Russia Market Orders Fell 60%

Russia's ruble cliffs continued to decline, the day before ruble fell 13% overnight, until yesterday morning, the U.S. dollar rupee broke the 60 mark for the first time.

Yesterday, Russia's central bank's emergency rate hike also failed to contain its fall in free fall.

Subsequently, oil prices continued to plummet, and oil in the first break of $60 in 5 years, and Russia's stock market dropped more than 10% in the intraday market on Tuesday, and the stock market in the Middle East also tumbled.

The impact of the ruble slump on China has already emerged.

Yesterday, the yuan quoted 10.4308 against ruble, up 10.56%.

"In the first half of this year, 1 US dollars can only be exchanged for 33 rubles, but in the blink of an eye it can be exchanged for 66 rubles.

The head of the Russian market of a large household electrical appliance company said, "the customer can not give the specific delivery date, and the payment is also required to be postponed.

Last Saturday, our factory opened an emergency meeting to reduce its stocking capacity just in case.

Industry experts pointed out that, judging from the current situation, the impact of sanctions in Europe and the United States and the continuous collapse of oil on Russia and even the global economy has gradually emerged. "The Russian economy is now in a" Besieged manner ", and only by raising interest rates or saving the rouble.

"Before, many clothing enterprises in Xintang were specializing in Russian exports, but only one or two of them really did well in the market this year."

Zhan Xueju, President of the Xintang chamber of Commerce of the Xintang branch of Zengcheng Federation of Commerce and industry, told reporters that "the decline of ruble led to an increase in the cost of Russian imports. The increase in the price of clothing locally is bound to affect local sales, and many Russian market orders decline."

Increased risk of default on exports to Russia

Yes

The boss said that Russian orders fell by 60% overall, "some clothing companies are slowly boiling up, and some clothing companies are in the process of being able to do so.

Business is hard to do and has gone bankrupt. "

Guangzhou, a Hong Kong Jewellery Company, has a sales volume of $126 million in Russia in 2013, but its official told reporters that "this year's business in Russia has dropped by 45%. In response to the crisis, we will do all the insurance arrangements for accounts receivable, pay close attention to the repayment of local enterprises in Russia, and control the shipping rhythm and design cheaper silver jewelry to adapt to the changes."

some

The relevant person in charge of the company told reporters that since 2012, it has foreign trade with Russia, and the amount of pactions is more than $5 million a year.

In January this year, we exported nearly $980 thousand of goods to Russian customers, which agreed to pay for 90 days. But in April, the payment period was delayed.

Russian buyers told us that due to the tight credit of banks, the original loans could not be pferred, resulting in a huge gap in capital. And because of the significant loss of the rouble to the US dollar, the first quarter losses, coupled with the impact of the crisis, made it difficult to sell in Ukraine and Poland markets, so it was difficult to repay the due payment and would file for bankruptcy.

The director said helplessly that once the buyer applied for bankruptcy, the company would face a major risk of not getting the money.

Guangdong credit insurance related people told reporters that because of the delay in payment of the Russian buyer's enterprise, many insured persons have lost to China's credit and insurance reports, and the cumulative loss amounts to millions of dollars.

Influence 1

The collapse of ruble can save tens of billions of dollars in cost of PetroChina imports.

Big oil companies selling private oil and gas prices still have no significant reduction.

Guangzhou Daily reporter learned: in the short term, oil prices plunged, so that the three domestic oil giants to fully benefit.

Among them, PetroChina is the most beneficiary, because it imports about 46000000 tons of crude oil from Russia every year, and Russia has a $270 billion cooperation agreement on natural gas.

The import volume of these two projects accounts for about 7% of the cost of CNPC.

According to this ratio, international oil prices fell 50% in the past half year, the average price fell by 26%, and the operating cost of PetroChina in half a year was 500 billion yuan, while oil prices fell, which could save 80~100 billion yuan for CNPC.

CNOOC and Sinopec will also benefit from falling prices of oil and gas products.

Mr. Wang, senior manager of PetroChina Guangdong branch, added: "the actual decline is definitely less than 50%, because a considerable proportion of Russian imports are signed as package agreements and long-term contracts, and prices have been agreed.

It is hard to estimate how much the actual cost of the oil price drop will be. "

Liu Bing, executive director of Xi Wei gas (Guangzhou), told reporters: in addition to "three barrels of oil", only Guanghui energy company has the power to import crude oil. Private oil and gas companies generally need to buy various types of oil and gas products from the "three barrels of oil", with terminal products as the main ones.

To this end, most private enterprises benefit less from Russia's oil and gas prices.

Most of the private oil and gas products other than crude oil are "looking forward to": it is expected that the subsequent price reductions in the Russian market will continue.

"At present, we can not buy Russian oil products, and can only fight futures business."

Liu Bing said.

The "three barrels of oil" did not substantially reduce the price of oil products sold to private enterprises for two months. The price range was worse than that of finished products, and less than 10% in half a year.

"Lagging reaction" is one of the reasons; monopoly is the two reason; large enterprises themselves have also encountered difficulties: PetroChina and Sinopec have huge amounts of oil assets, and the decline in oil prices directly reduces their main business income.

Influence 2

The growth of Sino Russian trade is hindered.

Export enterprises

Increase in foreign exchange and default risk

Guangdong's letter insurance professionals pointed out that the ruble's depreciation led to the increase of Russian enterprises' import procurement cost.

Russia's continuous increase in interest rates will increase the difficulty of financing for Russian domestic enterprises. A considerable number of importers or suppliers require a longer credit sale period to achieve financing, or if they can not get the capital chain to worry, and the reduction of personal retail loans will also inhibit consumption in Russia.

Guangdong's letter insurance related people reminded that the higher the degree of currency devaluation, the greater the buyer's damage, the lower the willingness and ability of the buyer to pay the loan, and then the loss may be pferred to our export enterprises. "When the currency of the importing country has a significant depreciation, it will often lead to a high buyer's default event."