The global economy is recovering, and the cosmetics industry is growing.
The global economy is recovering, and the cosmetics industry is growing.
Although mainland China’s total import and export volume reached a record high in 2021, it was also a bumpy year for foreign trade practitioners.
So, what will the foreign trade situation look like in 2022, when the annual rings begin to rotate?
1. China’s foreign trade form
01. Import and export data increased 13.3% year on year
According to statistics from the General Administration of Customs of China, the total import and export merchandise trade value from January to February 2022 reached 6204.43 billion yuan. The total value of exports was 3471.61 billion yuan, and the total value of imports was 2732.81 billion yuan. From 1 to the same period last year, the full value of imports and exports increased by 13.3% over the same period the previous year, the total value of exports increased by 13.6% over the same period last year, and the full value of imports increased by 12.9% over the same period the previous year.
02. The European Union, ASEAN, and the United States are the main partners.
According to statistics from the General Administration of Customs of China, the region with the highest value of domestic import and export trade from January to mid-February 2022 was the European Union, with a total import and export value of 874.64 billion yuan, followed by ASEAN, with a total import and export value of 870.47 billion yuan. In terms of exports, the mainland of China exports the most to the United States, with a total export value of 583.41 billion yuan, followed by Hong Kong, China, with a total export value of 299.05 billion yuan.
03. The export volume of mechanical, electrical, and high-tech products is at the top.
According to statistics from the General Administration of Customs of China, the top three domestic exports of essential commodities from January to February 2022 are divided into 2024.74 billion yuan for mechanical and electrical products, 997.38 billion yuan for high-tech products, and 250.76 billion yuan for automatic data processing equipment and its parts.
04. Strong Foreign Trade Momentum Factors
Since 2022, the overall import and export trade has improved. The momentum of foreign exchange in Mainland China is still strong, and there is enormous room for development. The rapid recovery of China’s foreign trade is inseparable from promoting positive factors at home and abroad.
2. Mainland China Promoting Factors
The outbreak continues to rebound, and the international situation is volatile. Based on the current reality, the government has formulated a new “stable foreign trade” policy, and 2022 will be the “year of consolidation and promotion of foreign trade.”According to the speech of the Ministry of Commerce of China, the “stabilizing foreign trade” action will be carried out from the following aspects:
01 Cross-cycle adjustment to stabilize foreign trade actions
Fully release the policy effect, further enhance the role of export credit insurance, effectively grasp the foreign trade sector credit, and enhance enterprises’ ability to deal with exchange rate risks. And improve the level of trade facilitation and effectively solve the difficulties of enterprises.
02 Market Diversification Action
Give full play to the role of the trade smooth working group, make good use of the free trade agreements that have been negotiated and signed, and organize significant exhibitions such as the Canton Fair, the Import Expo, the Service Trade Fair, and guide enterprises to consolidate traditional markets and open up emerging markets.
03 Foreign Trade Supply Chain Unblocked Action
Cultivate various platforms and carriers such as the national processing trade industrial park, import trade promotion innovation demonstration zone, foreign trade transformation, and upgrading base, and promote smooth logistics and settlement.
04 Foreign Trade Innovation and Quality Improvement Action
Give full play to the driving role of new business forms and new models such as cross-border e-commerce and overseas warehouses, build a digital pilot area for global trade, and promote the healthy development of green work.
3. Global facilitators
01 The entry into force of RCEP brings significant benefits.
With the entry into force of RCEP, the global trade center will continue to move eastward in 2022, and the Asia-Pacific region will become the most active region in international trade.RCEP will bring significant benefits to China’s foreign exchange. East Asia, Southeast Asia, Australia, and New Zealand markets will break tariff barriers, and nearly 90% of goods will be subject to zero tariffs.
02 “the belt and road initiative” countries’ trade exchanges strengthened
The foreign trade between mainland China and the countries along the “Belt and Road” will continue to grow, a necessary driving force for the growth of foreign exchange in mainland China. In 2022, the mainland of China will also actively promote trade agreements with countries along the “Belt and Road” through the development of new trade formats such as cross-border e-commerce, market procurement, and overseas warehouses, as well as the use of comprehensive bonded zones, free trade zones, Hainan free trade ports, etc. The power of foreign trade frontier platforms will support and promote the foreign trade of Mainland China.
03 Problems such as rising prices of raw materials may be alleviated.
Commodity prices are still at historically high levels, but the pivot in price volatility is expected to continue to move downward in 2022. First, the Fed’s “tapering” has weakened commodity prices’ monetary and financial factors. Secondly, the policy of ensuring supply and stabilizing prices in mainland China is based on supply and demand. The effectiveness of alleviating the contradiction between supply and demand and restraining the continuous rise in prices continues to show. These are all negative for the commodity market.
4. Global beauty market in the context of global trade
The cosmetics industry, under the influence of the development of the “Yan value economy,” presents a thriving development scene; although the global cosmetics industry in 202020was affected by the epidemic, with the recovery of the outbreak as a whole, the global cosmetics market is still developing in a good direction. Based on Euromonitor data, this paper depicts and combs the global cosmetics market’s products, sales channels, and market scale.
01, cosmetics categories are diverse
By 2020, cosmetics have become an essential part of daily life. According to the definition of cosmetics, cosmetics are substances used to enhance the beauty of the human body and simple cleaning products. Cosmetics also include skincare products. Skincare products include creams and lotions for humidifying the face and body; sunscreen and sunscreen to protect the skin from ultraviolet radiation; and care products for whitening and covering leisure (such as acne, wrinkles, dark circles, etc.).
According to the relevant definition, cosmetics industry products can be divided into individual protection, beauty, and other three categories. Among them, personal care is divided into cleaning and hair care, hairdressing, beauty makeup is divided into skincare and makeup, and other cosmetics mainly refer to fragrance.
02, product structure: cleaning products accounted for the most significant proportion, skin care products accounted for a steady increase in the proportion
From 2011 to 2020, the global sales share of cleaning products will remain the first, and the global market for cleaning products will account for 33.69% of US $169.6 billion in 2020. Global skincare products showed an upward trend year by year from 2011-to 2019. Although their share of the worldwide market size declined after the epidemic’s impact in 2020, it remained above $150 billion, much higher than the market size of the same period in 2018, and its share reached 29.89%.
03. Sales channels: offline sales are still the mainstream, and online sales are increasing.
The global cosmetics sales channels mainly include offline channels, online channels, and other non-retail channels. From 2011-to 2020, the international offline sales channel of cosmetics will dominate. But in recent years, the global cosmetics online channel development momentum has been rapid, and online channels gradually squeeze offline channels; the outbreak of the epidemic in 2020 is to promote the rapid development of global cosmetics online channels, 202020the international online media accounted for 24.8%, offline channels accounted for 74.4%.
04, the global market size declined after the outbreak but remained above 500 billion yuan.
From 2010-to 2015, the global economic slowdown led to a significant decline in the growth rate of the cosmetics market, and even negative growth in 2015, due to weak demand in the euro area and a severe decline in the South American economy. After 2016, the global cosmetics market bottomed out, reversing the previous slide. In 2019, the global cosmetics market reached $526.2 billion, the highest since 2011.
In 2020, the global cosmetics market contracted due to the outbreak, and market growth declined by 4.36%. Still, the overall market size remained above $500 billion, exceeding the market size for the same period in 2017.
05. The global cosmetics market is expected to exceed the US $700 billion in 2026.
In the current “beauty economy,” everyone loves beauty, and more and more consumers are more willing to spend money on the road of “beauty. In addition, with the rapid economic development of emerging developing countries in recent years, people’s consumption ability has been continuously improved, and the demand for cosmetics has gradually expanded. The future development potential of the cosmetics industry is enormous. The global cosmetics market will reach 729.7 billion US dollars in 2026.
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