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  • Trade alert! A large number of enterprises in EU and US went bankrupt,which magnified the risk of China's exports

Trade alert! A large number of enterprises in EU and US went bankrupt,which magnified the risk of China's exports

10-11-2022

Hundreds of millions of workers are counting on exports as a basic trade In an epidemic environment. But there are signs that future export challenges and uncertainties are increasing, and export traders need to proceed with caution.


According to the data, the U.S. imported $2,852.649 billion in goods in 2021, a further increase of 21.35 percent. The EU's imports from China and other non-EU countries (excluding the US) grew by 27.5 per cent. People in Europe and the United States lie down and consume, while China and other countries strive to produce, which contributes to the prosperity of global foreign trade in 2021.


In 2022, as countries in Europe and the United States fully deregulated the epidemic control, the distribution mode of money to individuals and enterprises in the past two years came to an abrupt end. Coupled with the impact of energy crisis and high inflation, central banks in Europe and the United States began to raise interest rates and shrink their balance sheets. Some weak enterprises could not support themselves and faced the risk of bankruptcy, which also brought new challenges to China's export trade.


Japan's 3,060 bankruptcies in the first half of the year: According to Tokyo Shoko Research ,the number of corporate bankruptcies across Japan rose 0.52 percent year-on-year to 3,060 in the first half of 2022, the first time in two years that the rate of bankruptcies exceeded the same period a year earlier. In the first half of this year, the total debt of bankrupt enterprises exceeded 1.7 trillion yen, up 179.37 percent year on year.

 

China ss bathroom vanity industry is also affected by the economic environment, over 5% of ss bathroom vanity companies went bankrupt. More and more customers are moving to the lower end of the market, in order to survive, they start to offer rustic bathroom vanity brands to meet the need.

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