Although the export of mechanical and electrical products is showing strong growth, recent findings from the China Chamber of Commerce for Mechanical and Electrical Imports and Exports highlight some challenges facing companies in the sector. According to their research, businesses are experiencing rising costs, increased pressure, and declining profit margins. Most companies attribute this trend to a combination of factors, including soaring raw material prices, rapid appreciation of the renminbi, and higher labor costs. These issues have exceeded corporate expectations, with many struggling to keep up with the pace of change. Notably, the rate of renminbi appreciation has been more significant than anticipated this year. In addition, other factors such as reduced export tax rebates and rising interest rates are also contributing to the growing financial burden on enterprises. As a result, the average cost increase across the industry is estimated to be between 10% and 20%. Companies are now looking for ways to adapt and remain competitive in this challenging environment.
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