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  • Sales of Socks Industry in Yiwu Market are Stable

  • Source:Yiwu China Commodity Index Compiling Office Author:Yiwu China Commodity Index Compiling Office 2019-01-18
  •     The socks industry in Yiwu market is mainly located in the west side of 1F in District IV of the International Trade Mart, with a total of 2,825 shops and 2,900 business entities. The industry is rich in categories, including pantyhose, ankle socks, skinny legs socks, sports socks, stacked socks, baby socks, five-fingered socks, underpants and pants, of which 55% are socks, and the rest are mainly underpants. The products are mainly exported to the Middle East, Europe, the United States, South America, Russia and other places, of which Africa accounts for more than 30%, the Middle East accounts for about 25%, Europe and the United States accounts for 20%, and Southeast Asia accounts for about 15%.
        Foreign trade exports are greatly affected by the situation. In 2018, the situation in some countries in the Middle East is unstable, which has a great impact on the socks industry mainly engaged in foreign trade of the Middle East. Iran is subject to U.S. sanctions, which lead to the domestic control of foreign exchange and currency devaluation, thus, its purchasing power declines, and businessmen from Iran in the market decrease as a result. Some of the ordered goods could not be sent out, so there are many defaults and the market dealers could not get the money. Foreign trade is mostly targeted customized products, it is difficult to carry out secondary sales, resulting in a backlog of goods. At present, the foreign trade of Middle America, South America and Russia is relatively stable. Developed areas such as Europe and the United States tend to purchase high-quality socks products.
        Innovation becomes the highlight of socks products sales. In recent years, new materials have been developed and applied to the production of socks. More functions of socks have been developed, such as dehumidification, sweat absorption, quick drying, anti-bacterial deodorization, infrared heating, etc. In addition to new technologies, business models are also innovated. Mengna, a well-known brand in socks industry, has set up an exhibition hall specially for recruiting domestic and foreign agents in the market. It manages 14 brands and takes the middle and high-end route to provide brand franchise opportunities for distributors. At the same time, Mengna wins customers' eyes by introducing socks knitter from Italy and high-end raw materials, improving products' quality and consumers' experience.
        The underpants industry emerges agglomeration effect. The development of the commercial space resources of 18th Street and 19th Street on the first floor of the District IV meets the needs of the main body of the underpants industry. Since its opening and operation, the overall development has been relatively stable, and it is still in the cultivation period. The rising price of raw materials has affected the sales of underpants. Some operators are trying to improve their business situation, enhancing product competitiveness, innovating hard, developing high-end products and taking the quality line.