On November 15, the 17th Summit of the Group of Twenty (G20) economies was held in Bali, Indonesia. The Chinese President Xi has attended and delivered an important speech. The international media paid close attention to the news and published reports immediately, which spoke highly about China visitation to the G20 Summit. During the summit, the Chinese President Xi met with leaders of many countries and discussed the latest international economic trends and countermeasures. This move to China's foreign trade promotion role is huge. Now is the time of great challenges and opportunities for Chinese foreign traders. We should work together to overcome difficulties and embrace a better tomorrow!

The container we loading today is a 20-foot container destined for Somalia in Africa.  Somalia is located in the easternmost Somali Peninsula of the African continent and has the longest coastline in Africa. With the development of the economy, the demand for building materials products in Somalia has increased gradually. Our client has purchased all the windows and doors of his own villa house construction and some accessory products. For our glass window and door products, each package has been fully enclosed by soft foam. Because this customer loading the entire container directly, there is without wooden frame for each piece of goods, which can also save a lot cube meter.  If some customers buy less of container products, we will make a fully enclosed wooden case to facilitate and safe shipment.

On September 15, Beijing time, the spot rate of the offshore RMB to the US dollar fell below the integer mark of "7" in the foreign exchange market. After more than two years, the exchange rate of RMB against US dollar once again stepped into the "7" era.  In fact, the impact of exchange rate has been an old topic, exchange rate depreciation has both advantages and disadvantages. A moderate depreciation will help improve export competitiveness and price advantage and promote the recovery of the real economy, but import costs for importing enterprises will increase. For example, textile and clothing, furniture and building materials products account for a large share of China's export trade, and a moderate depreciation of the yuan may benefit enterprises in these industries. Conversely, industries that need to import raw materials, goods and services from overseas, as well as companies carrying more dollar bonds, could be negatively affected. 

With the beginning of September, the domestic “gold September silver October” situation also began to arrive, all industries have entered to the busy scene. Although the pandemic has caused a prolonged downturn in both domestic and foreign economies for several years, it can still be felt that the economy is gradually recovering on a small scale. Compared with the same period last year, the sharp increase in the cost of raw materials and freight cost has caused a great impact on the foreign trade economy. All walks of life have to adjust their quotation from any time to prevent the more loss. Fortunately, this phenomenon has not continued into this year. On the contrary, the price trend of various raw materials has been stable. For example, steel, copper, aluminum and flat glass prices are down 28 %, 17 %, 23 % and 30 % respectively from last year's peaks. And domestic inland freight and transnational sea freight are stable and even have a downward trend. For the friends who have been purchase plans, now is no doubt a very good time, please contact our sales representatives for details.