The ruble fell 30% in a single day, the Russian central bank raised interest rates urgently, and foreign trade orders of Zhejiang enterprises began to be affected
Metro Express reported that the ruble tumbled 30% in a single day. Yesterday, the Central Bank of Russia announced that it would raise the benchmark interest rate to 20%.
The devaluation of the ruble, the fluctuation of the exchange rate, and the decrease in the efficiency of customs clearance. Russia and Ukraine are one of Zhejiang’s important export markets. A few days ago, the relevant competent authorities issued an early warning to remind Zhejiang enterprises to pay attention to risks and to be cautious.
Ukraine is Zhejiang’s third largest trading country in Eastern Europe
Relevant authorities issue an alert
It was learned from Hangzhou Customs that Ukraine is Zhejiang’s third largest trading country in Eastern Europe. The main export products include lamps, textiles and other supplies, while the imported products are mainly iron ore and agricultural products.
Ningbo Jialeduo E-Commerce Co., Ltd. is a small household appliance manufacturer, mainly producing small household appliances such as heaters, heaters, oil heaters and fans. Russia is the company’s second largest market. In one year, Russia plus Ukraine, the order volume is about 10 million US dollars.
After the Russia-Ukraine conflict, orders from Ukraine and Russia have been suspended. Yu Xuehui, general manager of the company, said that for enterprises, under the current situation, even if they placed an order, they would not dare to accept it. “I’m afraid I won’t receive the final payment.”
Although the China-Europe train from Zhejiang does not directly pass through Ukraine, the conflict has indirectly affected countries along the route, and orders have also begun to be affected.
On February 25, the day after Russian President Vladimir Putin announced a special military operation in the Donbas region, Yiwu Hangbin Simulation Plant Manufacturing Co., Ltd. received a notice from a Polish customer, requesting that the orders placed a year ago be postponed. goods.
Founded in the early 1990s, Hangbin Company produces more than 3,000 kinds of artificial flowers and sells to more than 130 countries. Among them, Poland, which is located in Eastern Europe, is the largest exporter.
Wang Qiang, the relevant person in charge of the company, said that the order was placed a year ago and the deposit has been paid. Because of the sudden instability of the situation, the customer notified the temporary suspension of shipments, and the progress of the order depends on the situation to be determined. At present, the biggest impact is on new orders, which are also at a standstill.
In addition to Poland, most of the other customers of Hangbin artificial flowers are also in Europe, including some Russian users. “However, relatively speaking, there are not many orders in Russia, mainly low-end flowers.”
Yesterday, in order to offset the depreciation of the ruble and the risk of inflation, the Central Bank of Russia issued a statement saying that it will raise the benchmark interest rate to 20%. Affected by this, the US dollar rose by more than 25% against the Russian ruble at the opening. In turn, the exchange rate of the ruble against the US dollar plummeted by nearly 30% to a historical low yesterday.
For foreign trade companies, the exchange rate of the customer’s country plummeted, and the cost of customer imports soared; my country’s RMB appreciated, and the profit of Chinese enterprises’ exports decreased.
A few days ago, the relevant domestic authorities have issued an early warning, reminding that the follow-up situation caused by the conflict between Russia and Ukraine is complicated and changeable, and relevant companies need to be cautious.
1,000 tons of fish sold to Russia suspended
Zhejiang enterprises actively explore the domestic market
As a top ingredient, when it comes to caviar, many people will think of Michelin, cruise ships, and high-end dinners in Europe. However, 35% of the world‘s caviar and 80% of the domestic caviar come from a company in Zhejiang: Sturgeon Technology.
Sturgeon’s caviar is one of the most common high-end ingredients in 23 Michelin-starred restaurants in Paris, France (27 in total), as well as Lufthansa’s first-class cabins and the back kitchen of Oscar dinners.
Xia Yongtao, deputy general manager of Sturgeon Technology, said that Europe is the place where the company exports the most caviar, accounting for about 40%. The annual export of caviar to Ukraine and Russia is about 20 tons, accounting for 10% of the company’s export volume.
After the sturgeon is taken out of the caviar, the head and tail are removed and the internal organs are removed, and the fish is sold to Russia. High-protein, high-nutrition sturgeon meat has always been the most high-end food in Russian aquatic products. Russia is the largest importer of the company’s fish, with an annual import volume of about 1,000 tons, accounting for 80-90% of the company’s fish exports. “The depreciation of the ruble in the past two days, coupled with the turbulent situation, has affected market consumption, and merchants are also under pressure to purchase goods.” Xia Yongtao said that the current unstable situation has the greatest impact on fish exports.
However, in recent years, Sturgeon Technology has begun to actively cultivate the domestic sturgeon meat market, such as making fish meat products, providing fish meat rolls for chain hot pot companies, or making deep-processed products such as black pepper fish steaks.
Russian central bank resumes gold purchases in Russian precious metals market
According to an announcement on the website of the Central Bank of Russia, Xinhua News Agency, on February 27, the Central Bank of Russia resumed buying gold in the precious metal market in Russia from February 28.
The announcement said that the gold purchase price will be determined daily based on the London Bullion Market Association morning price.
The Central Bank of Russia issued a statement on February 27 saying that Russia has the necessary resources to maintain financial stability and ensure business operations in the financial sector. The Russian side will guarantee the flow of cash and non-cash in rubles of various banks. The Russian banking system is stable, with sufficient capital and liquidity, and all banks in Russia are currently functioning normally. In addition, the Russian side will use the local version of the Financial Information Transmission System (SPFS) to complete related business.
The United States and other Western countries issued a joint statement on February 26, excluding some Russian banks from the Society for Worldwide Interbank Financial Communication (SWIFT) payment system, and imposing restrictions on the Russian central bank to prevent its allocation of international reserves to weaken sanctions. Impact.