On January 1, 2022, the Regional Comprehensive Economic Partnership Agreement(hereinafter referred to as RCEP) officially entered into force, which is a free trade agreement initiated by the ten ASEAN countries, inviting China, Japan, South Korea, Australia, New Zealand, and other countries to participate together and establish a unified market of 15 countries by reducing tariff and non-tariff barriers.
At present, China is already the largest sewing machinery production and marketing base in the world, it has established the most complete modern sewing machinery industry system in the world. Its manufacturing capacity and international trade scale have long ranked first in the world. Many products and technologies have fully approached and reached the world's advanced level, and some automatic and intelligent products have shown international leading advantages.
The overseas market is a very important sales market in our industry. In recent years, foreign trade accounts for 50-60% of industry sales. From the perspective of self-development, China's sewing machinery industry has frequent trade exchanges with the existing member countries of RCEP, especially the ASEAN market.
According to the customs data, the total trade volume between China's sewing machinery industry and the RCEP market reached the US $1476 million in 2021, accounting for 35.93% of the industry's import and export volume; The export volume to the RCEP market is 995 million US dollars, accounting for 31.63% of the industry's export volume, and the import volume is 481 million US dollars, accounting for 49.97% of the industry's import volume. China's exports to ASEAN amounted to US $800 million, accounting for 25.43% of the industry's exports; Imports from Japan amounted to 441 million US dollars, accounting for 45.78% of the industry's imports.
The formal entry into force of RCEP will further improve the trade facilitation level of China's relevant markets and reduce the import and export costs of enterprises. At the same time, it will further strengthen the tightness of sewing machinery and downstream supply chains on both sides.
