Uncertain prospect of Brexit and the riots in Chile will affect the global economy

Turnover of textile and apparel in the fair has increased significantly, which indicates that export orders for textiles and apparel may rebound, inconsistent with the current market situation and expectations. However, detailed analysis of the data of the fair in 2018 has found that due to RMB depreciation and uncertainty of Sino-US trade negotiation, overseas manufacturers acted cautiously, postponed some orders and stood on the sidelines. Therefore, turnover of textile and apparel in 2018 Autumn Canton Fair was low, down by 12.74% compared with that in same period of 2017, while that in 2019 Autumn Canton Fair increased significantly as trade war eased, there was coping style in the market, and some orders cannot be transferred from China in the short term. However, compared with that in 2017, turnover of 2019 fair still dropped by 2.97%, indicating that although the future orders recovered, it still shrinks from past years.

The export turnover of with countries along "The Belt and Road" reached $11.1 billion, up by 4.81%, accounting for 37.75% of total turnover. Exports to BRICs amounted for $3.65 billion, up 4.17% year-on-year and that to ASEAN amounted for $3.44 billion, up 39.22% year-on-year.

There were several reasons for falls in participants and turnover in China Import and Export Fair. First, economy of developed economies like China, US and Europe peaked, and the economic growth differentiation of emerging economies intensified. Therefore, global economic growth will slow down in 2019, and global economy may continue to slow down in 2020. Second, unilateral trade protectionism affected the world's multilateral trade system. Trade tensions in US, China, Europe, Japan, Mexico, Canada and other countries will have a negative impact on global multilateral trade. The reform of the multilateral trade system became more and more common, but there were many differences on how to reform. Third, a continued geopolitical crisis and political turmoil may aggravate the global economic instability. Uncertain prospect of Brexit and the riots in Chile will affect the global economy.