On July 6th, the exchange rate of RMB to USD reached 7.2359, which is much higher than the settlement exchange rate of 6.43 in April 2023. Although it fluctuated around 6.8, for those of us engaged in export trade, this means that the prices of exported goods will be lower.
Take our wheel balance weights as an example, the price has dropped from 7 USD per box at the beginning of the year to 5 USD now. All of our products use domestically produced raw materials, but some customers request imported materials such as 3M tape, Lohmann tape, Norton tape, etc., which actually increases the price because the price of imported materials rises with the exchange rate.
With the instability of the international economic situation, consumer downgrading has become a trend. Therefore, the popular black adhesive weights are more welcomed by customers, and they are more willing to purchase black galvanized ones instead of black spray-painted ones. Compared with black powder-painted weights, black galvanized ones are more reasonably priced. With a package of 100 bars per box, each box is 2 USD cheaper. Purchasing a 20-foot container of balance blocks can save 8,000 USD. In addition, according to Goole Trend black matte galvanized counterweights are also one of the products favored by foreign customers.