Facing South Korea's expansion of Taiwan's screw industry: Let the China-Korea FTA be launched soon, and the Taiwan authorities' assessment may roughly bring the impact of NT$650 billion to the Taiwanese industry. Taiwan’s Executive Dean Jiang Yihua said that the completion of the FTA signing by the mainland and South Korea is a “significant warning†to Taiwan’s economy and trade. The authorities are not intimidating or deceiving the people.
Some companies have predicted that the wages of Taiwanese workers after the FTA in China and South Korea may drop from 22K (NT$22,000) to 15K. Guo Taiming, chairman of Taiwan's Hon Hai Group, has been on TV for two consecutive days in an interview. He is bluntly anxious about economic issues: "The people have already negotiated with our company on the terms of China-Korea FTA (Free Trade Agreement), and customers will always look after seven or eight years. Things, Taiwan has no time!"
China and South Korea signed the FTA, and the Taiwanese screw industry, which is eager to enter the mainland's high-end automotive fasteners, faces major setbacks. Chen Mingzhao, chairman of the Taiwan Screw Association, said that he deeply hopes that the cross-strait cargo and trade agreement will pass quickly, and that the Taiwanese screw can be mastered first. The plane was taken away by South Korea.
Chen Mingzhao said that the export volume of Taiwan's screws this year is expected to reach 1.55 million metric tons or more, and break the record high, of which 90% are exported. Taiwan's screw industry is full of vigor and vitality, and strives to attack the high-priced car screw supply chain. The goal is to lock in the mainland market with an annual output of 20 million cars.
Chen Mingzhao pointed out that South Korea's annual export volume of screws is only over 100,000 metric tons, which is one tenth of Taiwan's. Exporting to Taiwan is better than that of South Korea. However, South Korea has an annual production of about 7 million cars. The automobile industry is more developed than Taiwan. 60% of the screws in the country belong to automobile materials, and South Korea has become an enemy of Taiwan's automobile screw sales.
Chen Mingzhao said that the quality requirements of automotive fasteners are high and the gross profit is also very good. Many Taiwanese screws industry has strengthened the development of automobile screws. The most recent market is China. I did not expect the Chinese and Korean FTAs It is a pity that the opportunity that Taiwan could have mastered was taken away by others.
In view of this, the cross-strait cargo and trade agreement should be quickly talked about and passed quickly to eliminate the tariff barriers of Taiwan's automobile screws sold to mainland China. According to the quality and technical energy of Taiwan's automobile screws, it is absolutely possible to compete with South Korea and then to seize business opportunities. Grab it back.
Korean media: China and South Korea's FTA immeasurable impact will surpass the United States and the European Union In recent years, the fastener trade between China and South Korea has advanced by leaps and bounds. In 2013, South Korea's fastener imports amounted to US$520 million, up 16.7% year-on-year, of which 107,461 tons of fasteners were imported from China, and imports amounted to US$180 million. South Korea's fastener exports amounted to US$670 million. The growth rate was 11.3%, of which the number of fasteners exported to China was 25,202 tons, and the export value was about 127 million US dollars.
It is reported that there are more than 700 fastener manufacturers in Korea, with 13,600 employees. In 2013, South Korea's fastener production reached 970,000 tons, sales reached 3.9 billion US dollars, and the output decreased slightly compared with 2012. This is due to the decrease in production of domestic automakers, but thanks to the growth of demand in the Korean construction market, Korea Fastener production did not perform too badly. The proportion of Korean industry demand for fasteners is: more than 750,000 tons (77.4%) in the automotive sector, more than 130,000 tons (13.5%) in the construction sector, more than 20,000 tons in the electronics field, and more than 70,000 tons in other fields. .
South Korea’s “Central Daily News†article on November 27 said that after the China-South Korea FTA reached an agreement, the Chinese domestic market with a population of 1.3 billion opened its doors to South Korea. It is expected that the impact of the China-South Korea FTA will be greater than that of the Korea-US FTA or the Korean EU FTA.
According to the article, according to last year's data, China's domestic demand reached 4.7 trillion US dollars, and the market prospect is huge. The China-South Korea FTA, reached an agreement on the 11th, gave the Korean economy a new leap. Yin Xiangzhi, the chief representative of the South Korean FTA negotiations and the Minister of Industry and Commerce Resources, recently explained that “the gross domestic product (GDP) of the two countries totaled 11 trillion US dollars, and a huge economic circle was bornâ€, “than the other Northeast Asian competitors first seize the huge market, which will have a great effect."
The article pointed out that from the objective data, it can be seen that the impact of the conclusion of the China-South Korea FTA on China and South Korea is immeasurable. China is Korea's largest importer and exporter. In 2013, South Korea’s export trade to China reached US$145.8 billion, accounting for 26.1% of total exports. Far more than exports to the United States (11.1%), the European Union (8.7%), and Japan (6.2%). In 2013, South Korea’s trade volume from China was US$83 billion (16.1%), the largest among countries in the world.
The article believes that because the trade between the two countries is very active, the effect of reducing tariffs will be greater than expected. According to the analysis of the Ministry of Industry of the Republic of Korea, if the tariff abolition projects agreed in the China-South Korea FTA can be fully realized, it is expected that Korean companies will save US$5.44 billion in tariffs each year when they export to China. This is 5.8 times higher than the tariff savings ($930 million) brought by the Korean-American FTA, and 3.9 times higher than the Korean EU FTA ($1.38 billion).
Specifically, tariffs on 6,108 kinds of goods including crude oil, petroleum brain, and pharmaceuticals (imports of US$41.8 billion) were eliminated from all of Korea's 11,272 products. Among all the 7,428 kinds of commodities in China, the tariffs on 1,649 kinds of commodities such as stainless steel hot-rolled steel sheets (below 3mm) and plastic metal molds (imports amounted to 73.37 billion US dollars) were cancelled. It is particularly worth mentioning that this agreement takes into account the trend of China's consumption capacity is expanding. For domestic appliances and clothing accessories, it is also decided to cancel the tariff within 10 years of the agreement. Because of these commodities, South Korea’s exports to China will increase in the future.
The Korea Institute of Foreign Economic Policy predicted in 2012 that South Korea’s GDP will increase by 2.28%-3.04% after China and South Korea sign the FTA for 10 years. Jin Chengxian, a professor at Sungkyunkwan University who wrote a report on the FTA effect in the first half of this year, said: "After the FTA came into effect, the tariff was completely abolished, and the transaction volume between the two countries increased by 56% compared with the agreement." Jobs in the manufacturing industry and employment in the medical industry are expected to increase by 5.6% and 13.5% respectively."
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