Shoes And Clothing Exports Are Most Affected By The Large Depreciation Of Rupee.

The butterfly effect of the ruble devaluation crisis has been transmitted to Fujian, except for some. Fujian shoe enterprises No money was received, and those who did business in Russia were also affected. Faced with the decline of the rouble exchange rate, some Fukien have taken measures to deal with them, such as the exporter of Fukien, who will lock in profits through forward settlement after receiving orders, or when they negotiate with Russian businessmen, they will jointly assume the exchange rate risk.

Fujian merchants queuing for dollars

In order to preserve value, the Chinese and Chinese students in Russia bought crazily after the ruble depreciated sharply. Luxury goods 。 Ms. Xie, deputy general manager of an import and export company in Fuzhou East Road, said that the depreciation of the rouble was a great blow to the Fukien who exported. Besides, the overseas investment of Fukien in Russia, including the opening of factories or sales outlets, would also be affected. After all, the purchasing power of Russians declined after the ruble depreciated. At present, Russia's top 20 billionaires have shrunk by $10 billion this week.

Reporters learned that many of the people in Fujian Province were doing business in Russia, and only four thousand or five thousand people in Quanzhou were in Russia. Anta, PEAK and other more than 200 Fujian enterprises have set up offices or marketing networks in Russia. Mr. Fuqing, who has just returned from Russia this month, said that many Fukien in Russia, like other Chinese, were rushing to throw away their roubles and queuing for dollars in the bank.

Exports of Fujian goods bear the brunt.

Mr Ho said that with the sharp depreciation of the rouble, it would be even more difficult to make money from the purchase of goods from Fujian to Russia.

Russia has always been an important part of our province. export market The complementarity of the local industry and our province is very strong. According to the statistics of Fuzhou customs, our province's import and export volume to Russia accounts for about 8% of the total trade volume of the province. The main export commodities include clothing and clothing accessories, footwear and electromechanical products, etc., mainly importing crude oil, coal and lignite, pulp and other resources from Russia. Some foreign trade enterprises in Fuzhou indicated that they had taken two measures: first, to ask Russian businessmen to share the exchange rate risk; two, to get the bank's forward settlement business immediately after receiving the order, so as to lock in the profit of the order.

China export credit insurance Fujian branch revealed that depreciation has the biggest impact on Fujian shoes and clothing, and many shoe companies in our province have been in arrears with millions of dollars. For example, a shoe retail group in Russia has placed an order for a company in our province this summer and paid a 20% deposit. With the sharp depreciation of rouble, Russian businessmen would rather lose a deposit than continue to fulfill the order contract.