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Weekly Quotes | Weakening demand for clothing terminals and increasing desire for down enterprises to reduce inventory

2023-07-02 来源：金绒浏览量：1370

summary

The overall market has remained stable this week, with the price of duck plush dropping slightly.

It is currently July, but the market is still sluggish. This year, the demand for clothing terminals has weakened, and although goose down continues to be in short supply, there is less demand for duck down. Due to poor sales and high costs, the funds of down manufacturers are becoming increasingly tight, and their desire to reduce inventory is increasing. Some rely on low-priced sales to strive for cash flow.

In June, the price of white feather meat duck seedlings far exceeded that of last year. The chairman of the Shandong Duck Breeding Alliance stated that the supply of duck seedlings in June was relatively low, which played a strong supporting role in prices. On the other hand, the increasing number of high-temperature weather has a significant impact on the production performance of breeding ducks.

In June, the Purchasing Managers'Index (PMI) of the manufacturing industry was 49.0%, up 0.2 percentage points from the previous month. The level of prosperity of the manufacturing industry has improved. However, in various indices, new export orders have decreased by 0.8 percentage points compared to the previous value, and have been below the boom and bust line for three consecutive months. Experts suggest that external demand may continue to be under pressure and efforts should be made to expand domestic demand.

Monday: Prices of all categories are flat

Exchange rate of USD to RMB: 7.2056

Tuesday: Prices of all categories are flat

Exchange rate of USD to RMB: 7.2098

Wednesday: Prices of all categories are flat

Exchange rate of USD to RMB: 7.2101

Thursday: Prices of all categories are flat

Exchange rate of USD to RMB: 7.2208

Friday: The price of white duck down and gray duck down fell

Exchange rate of USD to RMB: 7.2258

good news

Italy Launches "Made in Italy", Growing Demand for Down

The Italian Council of Ministers recently approved the "Made in Italy" bill, aimed at promoting the development of the country's manufacturing industry and improving relevant systems, while formulating corresponding policies to protect intellectual property rights and strengthen brand promotion.

According to the bill, the Italian government will launch the official mark of origin for domestic products, and use blockchain, national directory and other means to trace and certify the supply chain. The bill also proposes to designate April 15th as the "National Manufacturing Day of Italy" every year.

According to the report jointly issued by the European Commission and the European Investment Bank, SMEs accounted for more than 99% of the total number of active enterprises in Italy, which also led to the relatively high cost of publicity and rights protection for enterprises. The new bill emphasizes that the judicial department will strengthen its efforts to crack down on and punish fraudulent activities.

The report also points out that it is expected that the proportion of "Made in Italy" commodity exports to the total manufacturing output value will exceed 50% for the first time in 2023, and the trade surplus will also increase year by year. As Italy's second largest industry, the fashion industry has an economic volume of over 100 billion euros, and China has become the most promising emerging market.

With the further improvement of Italy's fashion industry, its demand for the quantity and quality of down is also constantly increasing. In 2022, China exported 1672 tons of down and feather to Italy, an increase of 56% compared to 2021.

From January to May this year, China has exported 749 tons of down and feather, an increase of 10% compared to the same period last year; The export amount was 102 million yuan, an increase of 43%. According to the export trend in previous years, June to September is generally the peak season, but with significant fluctuations, it is easy to concentrate within one or two months.

At the same time, China's imports of Italian down garments also increased significantly. From January to May this year, there were 19300 pieces, a year-on-year increase of 33%, and the import amount was up to 98 million yuan.

Trial sales of some new autumn and winter home textile products

At present, home textile sales are still in the off-season, and sales of kit products are facing bottlenecks. Traditional stores in the home textile city generally have weak business. During the Dragon Boat Festival holiday, the sudden rainstorm also affected the market transaction to some extent.

The demand for thin kits has begun to weaken, and some new autumn and winter products have started trial order sales. With the gradual release of new autumn and winter products by various enterprises, some stores have already launched new autumn and winter kits, and the warm velvet series remains the main product in the second half of the year.

Many merchants and enterprises have invested a lot of energy in the research and development of new products, striving to seize the opportunity in the first time and make sufficient preparations for the upcoming peak season of finished product sales after August.

With the later market adjustment, the number of new varieties on the market in autumn will increase, and the speed of new product promotion will significantly accelerate.

The RMB continues to decline, how are exports now?

Recently, the Chinese yuan has continued to depreciate against the US dollar, continuously falling below several important levels of 6.90, 7.00, 7.10, 7.20, and 7.25. On June 29th, the offshore Chinese yuan continued to decline against the US dollar, falling by 7.26 points again and falling by over 200 points within the day.

Some researchers believe that the decline in exchange rates is mainly related to short-term fluctuations in China's economy and market expectations of loose monetary policy. At the same time, the statements made by Federal Reserve officials have sparked increased expectations in the market for another rate hike by the Federal Reserve in July and a strengthening US dollar, causing disturbance to the short-term trend of the RMB exchange rate.

The continuous decline in the exchange rate of the Chinese yuan will undoubtedly give Chinese made prices a greater advantage and will also increase corporate profits in the short term. The head of a clothing and textile foreign trade enterprise revealed that foreign merchants have also increased their willingness to purchase, but the market downturn is still the decisive factor, and there is currently a significant shortage of subsequent orders.

Liu Mingyang, general manager of Yiwu Ochi Import and Export Co., Ltd., said that the company's recent export growth was up to about 40%. However, the reason for the growth was not mainly because of the exchange rate, but because of the cross-border e-commerce and Big data to find the cost-effective products needed by the market.

bad news

After Vietnam, another major country in the production of down products ran out of electricity

Mexico is experiencing a surge in electricity consumption due to the third round of hot weather this year. However, the National Energy Control Center of Mexico stated that the power supply sector is overwhelmed by unprecedented electricity demand and may enter a state of emergency.

Experts from the agency said that power supply is becoming saturated, coupled with old infrastructure, and some states have experienced power outages. Mexican media reported that large-scale power outages had occurred in 12 states in the past two weeks, and a town in Michoacán had been without power for several days.

Urgent electricity consumption also means that the country's manufacturing industry will be greatly affected. On the other hand, Mexico is also a major manufacturing country for down products.

Due to Mexico's products being exported to the US market and enjoying "zero tariffs", and its proximity to the US, labor costs are much lower, marking the country as the best springboard to enter the North American market.

Interestingly, even if the United States deliberately reduces its dependence on China's supply chain, the industrial chain cooperation between the United States and Mexico still relies on China. For a long time, China has been Mexico's second largest global trading partner and an important importing country.

In terms of down and feather exports to Mexico, there has been a basic upward trend in recent years, especially in 2021, where a leap forward has been achieved - the export volume increased by 373% compared to 2020, and there was another 29% increase in 2022.

From January to May this year, China's export of down and feather to Mexico reached 232 tons, a year-on-year decrease of 8.6%, almost the same as last year. However, June to September is relatively the peak season for China's down and feather exports to Mexico, and it is unknown whether this lack of electricity will hinder this trade.

Asian sea container traffic to the United States reduced by 20% in May

Data shows that the sea container transportation volume from Asia to the United States in May was 1.474872 million (calculated as a 20 foot container), a decrease of 20% compared to the same period last year, and the decrease is basically the same as the 19% in April.

According to product categories, the furniture category with a higher transportation share decreased by 31%, significantly lowering the overall level. Toys and sports goods decreased by 29%, clothing decreased by 27%, footwear decreased by 35%, and consumer goods significantly declined.

According to the source of export, the volume of container transportation from Chinese Mainland to the United States, which accounts for nearly 60%, decreased by 19%. The decline was basically the same as in April, and there was a slight recovery from January to March, which saw a decrease of about 30%. On the other hand, Vietnam decreased by 24%, Taiwan decreased by 30%, and India decreased by 25%.

The excess inventory in the US retail industry has not yet been eliminated, and import demand for consumer goods such as clothing, footwear, and sports goods continues to be weak. Container ship freight rates have also continued to be sluggish. Although some shipping companies have announced price increases, the recovery of cargo flow has been slow, and freight rates have not turned into a real rebound.

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