Economic situation and consequences for our business Thread poster: Tim-Robin Rösler-Bartsch
|
|---|
Hi all,
What are your thoughts on the current economic situation? I am experiencing great turnovers every month since the start of the year and don't see any actual decrease in the amount of work.
Especially to the people who are quite some time in the translation business already: what was your experience in earlier periods with economic weakness?
| | | |
I’ve been around for a long while, a few years part-time and then full-time since 1986, so I’ve lived through a good number of crises, but in fact, with the notable exception of consumer goods, where during the Covid-19 pandemic, for example, demand for translation was reduced to almost zero, this was compensated by higher demand in other areas. To sum up, work keeps on coming, crises or no crises, though always accompanied by the usual ups and downs.
| | | | Steve Robbie
United Kingdom
Local time: 13:15
Member (2017)
German to English
+ ...
Price erosion is a recurring complaint on this website.
Given that inflation in Western economies is now much higher than normal, my concern is that translators will not be able to raise fees fast enough or high enough to offset the rising cost of living.
| | | | | Economic situation and consequences for our business: Russia and Belarus | Aug 5, 2022 |
The economic sanctions imposed against Russia in the wake of 24 Feb 2022 produced a three-pronged fallout for local translators:
1. Hundreds of foreign companies suspended or stopped their respective businesses in Russia => a dramatic drop in the demand for EN>RU translations.
2. Sanctioned Russian banks + virtual ban on SWIFT transfers to and from Russia => problems with receiving and sending payments.
3. Holders of Russian-issued Visa and MC cards cannot ... See more The economic sanctions imposed against Russia in the wake of 24 Feb 2022 produced a three-pronged fallout for local translators:
1. Hundreds of foreign companies suspended or stopped their respective businesses in Russia => a dramatic drop in the demand for EN>RU translations.
2. Sanctioned Russian banks + virtual ban on SWIFT transfers to and from Russia => problems with receiving and sending payments.
3. Holders of Russian-issued Visa and MC cards cannot make ATM withdrawals abroad. Likewise, foreigners cannot get cash from ATMs in Russia. More importantly, Russian translators cannot pay for software products, upgrades, subscriptions, web hosting, memberships, etc.
I've been a loyal Trados user since 2003 (starting with Trados 6.5 with a dongle). Now RWS don't even let me access my account to download an app from RWS AppStore.
Good morning Vladimir,
RWS as an entity has made a corporate decision to halt all work within the Russian market and will not provide services or technology to any Russian owned businesses, whether they fully own a business or as part of a joint venture. This also applies to any individual user located in Russia and is in line with many other international businesses.
For customers who are Russian and live in Russia, we can no longer provide support to them. If they have a perpetual license, they will have the right to continue usage, as is, but will not have access to their RWS Account or get any further support and maintenance for the time being. For those clients on a subscription model, those services will be placed on hold.
I appreciate that this must be disappointing, however the decision by the business is final. In the event the situation with Ukraine ceases and/or when sanctions are lifted, we will continue operations.
In a nutshell, I faced the proverbial 'famine' in March and April 2022. By now, my translation business is gaining momentum again, and I'm quite optimistic about the outlook for the second half of 2022 and beyond. ▲ Collapse
| | |
|
|
|
Michael Newton 
United States
Local time: 08:15
Japanese to English
+ ...
| economic situation | Aug 6, 2022 |
For whatever reason, my Chinese and Russian business is picking up.
| | | |
Tim-Robin Rösler wrote:
Hi all,
What are your thoughts on the current economic situation? I am experiencing great turnovers every month since the start of the year and don't see any actual decrease in the amount of work.
Especially to the people who are quite some time in the translation business already: what was your experience in earlier periods with economic weakness?
Quite the same here.
However, this Summer is pretty low this year.
Ho wait, it's holidays in most Western countries ^_^
| | | | | Chinese=>Russian and English=>Russian | Aug 6, 2022 |
Michael Newton wrote:
For whatever reason, my Chinese and Russian business is picking up.
No wonder, Michael.
Russia Replaces Disappearing Western Gadgets With Chinese Brands
Chinese smartphones and home appliances are replacing major Western brands that have exited Russia over its invasion of Ukraine.
January-June 2022 results analyzed by the Marvel Distribution IT supplier showed at least seven Chinese smartphone brands leading sales in Russia. Tecno, Infinix, Realme and Xiaomi showed more than 100% year-on-year growth.
“Chinese tech brands will occupy up to 90% of the entire market in Russia,” according to Alexander Surkov, head of Russia’s GS Group advanced device designer and manufacturer.
Chinese Auto Manufacturers Eye Russia As Europeans Leave
Auto manufacturers exiting or suspending operations in Russia have included Daimler, Ferrari, Ford, Hyundai, Mercedes-Benz, Nissan, Stellantis (Fiat-Chrysler-Peugeot), Renault, Toyota, Volkswagen, and Volvo.
All these withdrawals are leading to Chinese manufacturers stepping in to broach the supply chain gaps and partner with the Russians instead.
--------
This scenario unfolds in other industries and sectors as well.
For instance, China- and Hong Kong-based law firms are likely to replace major international law firms which shuttered their offices in Moscow.
| | | | | Economy of translation | Aug 6, 2022 |
Hello, as far as rates are concerned we are to be pressed for money due to the runaway living costs and in particular the inflation we see in some countries. All in all working in some good sites like proz.com is quite a blessing compared to many translation agencies across the globe, in particular the local ones.
| | | | To report site rules violations or get help, contact a site moderator: You can also contact site staff by submitting a support request » Economic situation and consequences for our business | Protemos translation business management system | Create your account in minutes, and start working! 3-month trial for agencies, and free for freelancers!
The system lets you keep client/vendor database, with contacts and rates, manage projects and assign jobs to vendors, issue invoices, track payments, store and manage project files, generate business reports on turnover profit per client/manager etc.
More info » |
| | CafeTran Espresso | You've never met a CAT tool this clever!
Translate faster & easier, using a sophisticated CAT tool built by a translator / developer.
Accept jobs from clients who use Trados, MemoQ, Wordfast & major CAT tools.
Download and start using CafeTran Espresso -- for free
Buy now! » |
|
| | | | X Sign in to your ProZ.com account... | | | | | |
Login to reply/comment 
Translation news
