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Free AccessMNI REALITY CHECK: China Exports To Extend Declines In April
By Wanxia Lin
BEIJING (MNI) - The decline in Chinese exports probably accelerated in
April, outpacing the 6.6% fall seen in March, as coronavirus lockdowns spread
around the globe, manufacturing industry leaders told MNI.
Here are key points from their comments ahead of the May 7 data release:
**April new orders received are seen at fraction of 2019 levels.
**The cost of repositioning products for sale into the Chinese market may
not be affordable.
**Medical supply exports surged as pandemic eased in China.
SAMMI ZHENG, HEAD OF WATCH STRAP MANUFACTURER IN DONGGUAN CITY:
"In April, we received very limited new orders -- making a few thousands
watch straps for Japanese clients -- which was only 5% of the total orders
received a year earlier."
"Having a small amount of orders may not be a good news, because profits
may not even cover the cost of electricity and labor."
"The market may not recover this year," said Zheng, who said she is
considering mothballing the factory output unless the pandemic eases.
"It's very difficult for us to find a comparable buyer in China willing to
pay the same price to cover our high costs, as our machines and technical
processing are customized to meet our Japanese clients' high demands."
CHERRY DENG, MARKETING DIRECTOR AT A FURNITURE MANUFACTURER IN DONGGUAN:
"Exports to the Australian market saw little impact, but exports to the
Middle East kept being postponed," she said, adding that clients in that region
won't even take shipment of orders completed in March.
"New orders would now normally be lined up until September, but in recent
months we were asked by clients to delay production with no exact delivery
date."
"Many factories may not run their production line for May orders if they
can't deliver goods which have already piled up," she added. "Many companies
would have to send employees on compulsory leave if ports overseas remain closed
next month."
XIANZHONG XIE, MANAGER AT GUANGZHOU DUNHONG IMP & EXP TRADING CO., LTD:
"Requests by foreign trading companies to help them deal with export and
import documents declined sharply ... trade volume is shrinking."
"We did receive a surge of requests in the consulting licences needed to
produce virus prevention equipment like masks."
--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
--MNI London Bureau; +44 203 865 3829; email: jason.webb@marketnews.com
[TOPICS: M$A$$$,M$Q$$$,MT$$$$,MX$$$$]
To read the full story
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Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.