The investment in fixed assets in the textile industry is generally not high, and the debt ratio is low. For the most part, raising the interest rate by 0.25 percentage point will have little impact on this non-capital-intensive industry. However, a number of textile and apparel companies interviewed by the author indicated that they were affected by certain factors and were being overwhelmed by the cost of raw materials, labor, etc., raising interest rates undoubtedly worsens the situation.
Bao Song, general manager of Ningbo Tianhui Textile Co., Ltd., said in an interview with the author that despite the fact that the number of companies is not large, the interest rate hike will still increase the cost, so that the upcoming 108th Canton Fair Textile and Apparel Export Order that will begin on October 31st. The difficulty of the transaction increases. The rising price of raw materials and the fluctuations in exchange rates all along the way, and the current order prices are becoming more and more unbearable. The company will be prepared to raise prices across the Canton Fair this time. The plan has basically been completed. Now it is time to raise interest rates. How will this factor be integrated? Comprehensive price increases need to be carefully considered.
“This year, due to rising costs of raw materials, we have been frequently adjusting prices. Customers have complained that if unit prices continue to increase, orders will be transferred to Bangladesh, India or Vietnam. It is not necessary for Chinese factories to produce. Our price competitiveness is more and more Weak, price increases are risky.†Bao Song said.
This year, China's textile and clothing companies have mixed stories. On the one hand, domestic and foreign markets have shown signs of head-on growth. On the other hand, raw materials and other products have rapidly risen in price. Most companies have turned their profits down as orders have grown.
As one of the main raw materials for the clothing and textile industry, the price of cotton has risen rapidly. The China Cotton Price Index shows that September is the peak of another round of price increase of cotton. On September 1, the price of cotton was 18,002 yuan/ton, and on September 30, the price soared to 22,684 yuan/ton, up by nearly 5,000 yuan; in the short five days after the National Day, the price of cotton rose by 13%. As of October 19, the cotton price has reached 24,526 yuan/ton. The price of polyester, chemical fiber, polyester fiber, rayon, and wool for garment surface accessories also rose to different extents. The price of viscose staple fiber broke through the historical high of 22,000 yuan/ton recently.
Wang Yisheng, head of Lotte Children's Wear, said that during the past few months, the price of raw materials rose by more than 30%, but the price increase to customers was only about 10%, and most of them were absorbed by themselves. At present, both domestic and foreign markets are very Difficult to increase prices for customers, jeans and other products basically no profit at all. The interest rate hike will undoubtedly further push up the operating costs and erode the last poor profit of textile and clothing.
The impact of raising interest rates is obviously more than that. Xu Yuping, general manager of Shenzhen Guller Fashion Co., Ltd., said that the impact was divided into two levels: on the one hand, the increase in interest rates led to increased costs, and further led to a decline in profits, especially the impact on orders signed contracts, the labor costs in the Pearl River Delta this year Up 20% to 30%, raw material prices skyrocketing, the textile and apparel industry profits are dropping, raising interest rates continue to reduce the company's meager profits; on the other hand raise interest rates will increase the pressure on domestic mortgages, consumers for housing Increased pressure will likely reduce consumer spending on clothing, which may drag down the domestic apparel market.
Bao Song, general manager of Ningbo Tianhui Textile Co., Ltd., said in an interview with the author that despite the fact that the number of companies is not large, the interest rate hike will still increase the cost, so that the upcoming 108th Canton Fair Textile and Apparel Export Order that will begin on October 31st. The difficulty of the transaction increases. The rising price of raw materials and the fluctuations in exchange rates all along the way, and the current order prices are becoming more and more unbearable. The company will be prepared to raise prices across the Canton Fair this time. The plan has basically been completed. Now it is time to raise interest rates. How will this factor be integrated? Comprehensive price increases need to be carefully considered.
“This year, due to rising costs of raw materials, we have been frequently adjusting prices. Customers have complained that if unit prices continue to increase, orders will be transferred to Bangladesh, India or Vietnam. It is not necessary for Chinese factories to produce. Our price competitiveness is more and more Weak, price increases are risky.†Bao Song said.
This year, China's textile and clothing companies have mixed stories. On the one hand, domestic and foreign markets have shown signs of head-on growth. On the other hand, raw materials and other products have rapidly risen in price. Most companies have turned their profits down as orders have grown.
As one of the main raw materials for the clothing and textile industry, the price of cotton has risen rapidly. The China Cotton Price Index shows that September is the peak of another round of price increase of cotton. On September 1, the price of cotton was 18,002 yuan/ton, and on September 30, the price soared to 22,684 yuan/ton, up by nearly 5,000 yuan; in the short five days after the National Day, the price of cotton rose by 13%. As of October 19, the cotton price has reached 24,526 yuan/ton. The price of polyester, chemical fiber, polyester fiber, rayon, and wool for garment surface accessories also rose to different extents. The price of viscose staple fiber broke through the historical high of 22,000 yuan/ton recently.
Wang Yisheng, head of Lotte Children's Wear, said that during the past few months, the price of raw materials rose by more than 30%, but the price increase to customers was only about 10%, and most of them were absorbed by themselves. At present, both domestic and foreign markets are very Difficult to increase prices for customers, jeans and other products basically no profit at all. The interest rate hike will undoubtedly further push up the operating costs and erode the last poor profit of textile and clothing.
The impact of raising interest rates is obviously more than that. Xu Yuping, general manager of Shenzhen Guller Fashion Co., Ltd., said that the impact was divided into two levels: on the one hand, the increase in interest rates led to increased costs, and further led to a decline in profits, especially the impact on orders signed contracts, the labor costs in the Pearl River Delta this year Up 20% to 30%, raw material prices skyrocketing, the textile and apparel industry profits are dropping, raising interest rates continue to reduce the company's meager profits; on the other hand raise interest rates will increase the pressure on domestic mortgages, consumers for housing Increased pressure will likely reduce consumer spending on clothing, which may drag down the domestic apparel market.
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