Editor's note: The latest data from the China Foreign Exchange Trading Center shows that on August 29, the central parity of the yuan against the US dollar rose by 6.39 to a new high since 6.3883. The reporter learned that the continuous appreciation of the renminbi in recent years, and the fall in foreign exchange rates against the US dollar and other currencies have become a major problem for domestic export companies. Under this situation, many pump and valve export companies in Yongjia County are adopting various measures, either actively transforming themselves, or shifting the market, or selectively taking orders to avoid the adverse effects of exchange rate fluctuations.
Zhejiang Chaoda Valve Co., Ltd. is a leading enterprise in the valve industry of Yongjia County, and it is also a large exporter of Yongjia County. However, for this financial market turmoil triggered by the debt crisis in Europe, America and other countries, the chairman of the company, Wang Hanzhou, appears to be very calm. “For our company, the problems caused by exchange rate changes are not great, and they need not pay too much attention to attention. This one."
Through interviews, the reporter learned that the calm of Wang Hanzhou has come from the successful adjustment and transformation of Chaoda’s exports in recent years. According to reports, the original Chaoda has been doing OEM production for foreign middlemen. Due to the fierce competition among suppliers, the company’s profits have been meagre. With the continuous improvement of the popularity and reputation of Chaoda brand in the international market, many overseas end customers have come to take the initiative. Following the trend, Chaoda began to gradually increase the export volume of its own brands. The export of own-brand products now accounts for more than 50% of the company's total exports.
Wang Hanzhou told reporters that as a self-owned brand, enterprises can grasp the pricing initiative and can increase the added value of their products. Therefore, the shrinking of profits brought by exchange rate changes can be digested by increasing the export volume of independent brands.
At present, diversification into the export market has become the choice of many export companies. It is understood that the traditional export market of the pump and valve industry is focused on Europe and the United States, and Chaoda has adopted the approach of close proximity. In the development of independent brands, it mainly focuses on emerging markets such as Asia and the Middle East, and its exchange rate is relatively stable, reducing the number of companies. Order risk.
The reporter learned from the County Pump and Valve Association that in order to circumvent the renminbi's appreciation of profit risks, in addition to adjusting the export market, many pump and valve export companies have begun to selectively take orders and voluntarily gave up large orders with long-term risks and long-term risks.
Chen Wenrong, secretary-general of the County Pump Valve Association, said: “The renminbi's exchange rate against the U.S. dollar fluctuates frequently. Many companies would not dare to take long-term foreign trade orders because the pump valve is the equipment manufacturing industry. The list it orders may be six months to a year. The process of making a reservation has been made. After a half year, the list may lose money."
According to statistics from the Wenzhou Municipal Inspection and Quarantine Bureau, Yongjia County currently has a total of 206 export enterprises for pumps and valves, with an export value of US$234.7 million, accounting for more than two-thirds of the entire Wenzhou valve industry. Chen Wenrong said that the impact of the rapid appreciation of the renminbi on the export of pump and valve industry will gradually emerge from the end of this year to the beginning of next year.
Chen Wenrong believes that at the moment, all pump and valve companies should tap potential from within, increase the proportion of their own brand's exports, increase the added value of their products, externally, and actively explore emerging markets, instead of placing eggs in the same basket.
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