Tuesday, January 11, 2022

The impact of exchange rates on auto parts

One type is accounting foreign exchange, which is mainly for the barter trade between the governments of the Soviet Union and Eastern Europe. There are also some barter agreements between the foreign trade department of the representative country and certain manufacturers in Western countries, such as imports in the 1960s and 1970s. Italy Fiat 650E, Algeria, Morocco re-exported Pele series cars, etc. Since the 1970s, barter trade with Eastern European countries has used the Swiss franc, the legal currency of a neutral country, Switzerland, as the currency unit for both parties. Government trade delegations conduct annual trade negotiations to determine the total amount of bilateral trade and balance the supply and demand orders. After signing the agreement, each will organize production and delivery as planned.

As far as automobiles and auto parts are concerned, within the scope of the exchange amount negotiated by the two governments, the Ministry of Materials will allocate the indicators and review the goods orders, and the China National Machinery Import and Export Corporation will be responsible for foreign trade matters. This part of the order has a certain amount of subsidies in the exchange rate, and it is not settled completely at the exchange rate of the listed price. Customs tariffs also have exchange rate subsidies, so they are relatively more favorable than auto parts imported from free foreign exchange. After the adjustment of the RMB exchange rate, the state’s subsidies may be cancelled. The exchange rate subsidies for customs tariffs are also reduced according to the current exchange rate. Therefore, it is expected that the newly settled Eastern European imported auto parts prices will increase significantly. The influence of domestic car users is great. It is foreseeable that the demand for imported repair parts will be suppressed, and more users will turn to domestically-made replacement parts. Of course, this will promote the development of domestically-made parts. Relevant departments should take advantage of the situation and promote the planned launch of national replacement products. . For automotive parts and parts machining, PTJ Shop offers the highest degree of OEM service with a basis of 10+ years experience serving the automotive industry. Our automotive precision shop and experts deliver confidence. We have perfected the art of producing large component volumes with complete JIT reliability, backed by the quality and long-term reliability our customers expect.

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