Word: exporter
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...since the financial troubles of the past year turned to panic a few weeks ago, the dollar has been rising against the world's other major currencies. There simply isn't a credible replacement, at least not yet. And until that changes, the U.S. will keep getting to export at least part of its financial woes to the rest of the world. As it did today...
...With global growth expected to slow further in coming months, the pressures facing manufacturers certainly will increase. Some Chinese companies are giving up their export businesses entirely. Shi Junmin, CEO of Pinghu Mingda Bag and Suitcases Co. in Zhejiang province near Shanghai, had been selling suitcases to U.S. customers since 2006. He stopped in June. Orders were still flowing in from America, but clients, strained by the financial crisis, were not paying him, Shi says. By midyear, he says, he was owed some $3 million. Shi instead shifted to manufacturing luggage for local China brands, hoping domestic sales could rescue...
...huge elephant in the China shop is the slowing global economy," says Merrill Lynch Asia economist T.J. Bond, who cites an obvious reason: China's manufacturing sector, which accounts for 43% of China's GDP, depends heavily upon sales to the West. Some 40% of China's exports go to the U.S. and Europe, and with potentially deep recessions setting in there, economists are slashing the country's trade projections. Bond estimates that China's export growth rate will fall to 10% in 2009 from 21% this year. For the revved-up mainland, that's a frightening plunge...
...slump in exports has pretty grim implications for the country's manufacturing boomtowns, and the pain is already being felt. Stanley Lau, deputy chairman of the Federation of Hong Kong Industries, estimates that export orders at some 70,000 factories owned by Hong Kong companies in southern China have declined 5%-10% this year compared with 2007. Recent months have seen a first wave of bankruptcies and closures among the tens of thousands of factories in industrial zones from Guangzhou to Shanghai that make toys, jeans and PCs bound for U.S. retailers...
...plant that dates back almost four decades. During the first years of its operation, the factory produced small cars for the Turkish domestic market - models that were already at the end of their life in Western Europe. But since 2000, Renault has used the Turkish plant as a significant export hub. It makes Renault's Mégane and Clio cars there for the rest of Europe, and has been upgrading the factory to produce diesel engines. "The quality is really good," says Alain Gabillet, the French general manager...