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Toys in Jiaxing's jurisdiction feel 'chilled' on Russian exports

by:Ennas      2021-12-20

Jiaxing, Zhejiang News Affected by the continued weakness of the Russian economy and the sharp depreciation of the ruble, Jiaxing’s toy exports to Russia are 'chilled.' According to statistics, in the first quarter of this year, there were 140 batches of toy products exported to Russia, with a value of 4.959 million US dollars. The batch and value decreased by 36.9% and 53.4% u200bu200brespectively year-on-year, while the total batch of toys exported from Jiaxing area in the first three months There were 2259 batches with a value of 53.364 million U.S. dollars, an increase of 20.2% and 4.9% year-on-year respectively.   It is reported that Russia’s economy continues to be weak due to the plunge in international crude oil prices, the domestic inflation rate is high, and people’s consumption levels have fallen. For Russian importers, it means that they need to pay more local currency when performing trade contracts. Therefore, the cancellation, delay of orders and even breach of contract by Russian importers in bilateral trade have also increased significantly. To this end, the Jiaxing Entry-Exit Inspection and Quarantine Bureau reminds relevant companies that in the context of the Russian economy showing no signs of stabilization, foreign trade companies should increase risk management awareness, pay close attention to changes in the export situation to Russia, reasonably adjust the prepayment ratio, and actively adopt US dollars, Settlement in Renminbi, or choose the insurance method, to reduce the risk of export trade settlement with Russia. At the same time, foreign trade companies should actively expand the vast international emerging markets and diversify trade risks.
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