On November 7th, following the election outcome with Donald Trump’s victory, our company has been actively engaged in assessing the potential impact on our diverse range of products, especially our various types of wall panels and related items.
Our product lineup includes the popular MDF wall panel, known for its sturdiness, and the sleek PS wall panel. We also have decorative elements like PS skirting board and PS crown moulding. The Acousticpanel, crucial for sound control, has been a significant part of our offerings. Additionally, there’s the WPC wall panel, PU stone, PE, PVC marble sheet, Wood veneer, Foam sheet, Flexible stone, and various Accessories.
We’ve noticed that our Acousticpanel, for instance, has had a substantial market in the US, with sales accounting for approximately 30% of our overall exports to that region. However, with the election results, there’s a concern that potential tariff adjustments might be on the horizon. Based on initial estimates, there could be a tariff increase of around 15% – 20%, which might lead to a reduction in imports of our products, including the Acousticpanel, by as much as 25% in the US market.
To address this, our team of experts is working on multiple fronts. We’re exploring options to optimize our production costs to absorb some of the potential tariff impacts. Currently, we believe we can reduce our production costs by about 10% through process improvements and sourcing adjustments. We’re also considering expanding our marketing efforts in other regions where there’s growing demand for our products, like Europe and Asia, where the market potential could increase our overall sales by up to 40% if tapped effectively.
Our company remains committed to navigating these changes and ensuring the continued success of our diverse product range in the face of potential market fluctuations.
Post time: Nov-13-2024