event:
On January 22, the U.S. Trade Representative Office announced that a large number of imported washing machines have damaged U.S. industries. The government launched the '201 Survey', the 'Global Safeguards Investigation,' and will subsequently impose anti-dumping duties on large domestic washing machines imported from China.
View:
1. Whirlpool repeatedly attacked and exported to the United States or affected.
Anti-dumping investigations have been taking place for a long time. Whirlpool has successively succeeded in 2011, 2013, 2015 and 2017 to urge the United States to launch an anti-dumping or anti-subsidy investigation on washing machines imported from South Korea, Mexico and China in order to oppose the production transfer Fair competitive advantage Whirlpool again set off a wave of protection this year, requesting the government to set an import quota of 1.2 million yuan per year, the quotas required to pay 20% tariff on products, with additional products to be subject to 50% tariffs on the final anti-dumping duties of large washing machine products Accounting for more than 80% of the total number of US imports of washing machines.Comtrade data show that 16 years the United States imported from China, the large amount of household washing machines (845020) the total amount of about $ 739,000,000, accounting for 51.52%, and by the incident, is expected short-term Domestic washing machines exported to the U.S. market may be negatively affected.
2. The United States exports a larger proportion of the overall anti-dumping affect the development of the industry.
Trump has always advocated trade protectionism, the washing machine anti-dumping ruling sword refers to the Korean manufacturer, but foundry industry in China's market sectors can not escape, affected by the ruling of large washing machines accounted for 34.80% .According to industry online data, In 17 years, the total export volume of domestic washing machines was about 23.18 million units, of which the large-scale washing machines exported to the United States accounted for nearly half. From the perspective of macro and mid-point of view, this anti-dumping action has an impact on the overall export of our country and the development of the washing machine industry. Microscopically, its overall impact on domestic washing machine leading enterprises is not enough to fear.
3. Domestic exports do not change the competitive edge, leading performance is still determined worry-free.
At present, the domestic washing machine OEM mainly to second and third tier companies, the leading exporters of washing machines are not high, and the proportion of exports to the United States lower.American and Haier, for example, the first 11 months of the United States in 2017 the number of washing machines exports accounted for sales According to Comprate data, we assume that the export of large washing machines of leading enterprises accounted for 34.8% of the same industry, Midea, Midea, Midea, Haier large washing machine exports accounted for only the amount of 208 million and 113 million US dollars respectively, the proportion of its revenue is even insignificant.Coupled with the domestic appliance industry chain cluster and capacity advantages, long-term close cooperation with foreign customers, strong export strategy adjustment , Leading enterprises have little effect on anti-dumping.
4. High barriers to trade protection, emerging markets turnaround
The domestic washing machine leading enterprises Midea, Haier gradually emerging countries. China's domestic washing machine market has entered the era of stock competition, but there is still a large overseas washington washing machine blank, along the "Belt and Road" in developing countries, there is still a large increase in the number of washing machines Space, the more rapid increase in recent years.Microsoft's acquisition of Toshiba appliance business, help Little Swan to expand the market in Southeast Asia.Haier to promote multi-brand operation in different regions, the layout of the Belt and Road, but also further expand Russia, India, Pakistan and other emerging markets. The anti-dumping restrictions on the export of large washing machines to the United States may speed up the shift of these enterprises to emerging countries along the Belt and Road.
in conclusion:
In conclusion, although this anti-dumping tax ruling will affect the macro economy and the washing machine industry to a certain extent, based on the diversification of the main business of the leading companies and the multi-directional distribution in the regional market, we think this incident will have an impact on the domestic industry leader Not enough to fear, the performance of certainty still; maintain the industry 'optimistic' rating, continue to recommend the growth of the kitchen electrical industry leading business owner and stable performance of the white industry leading Gree and Midea Group, and a stable small appliance leader Supor.