A recently released report of Germany Federation Foreign Economic Information Bureau shows that, in 2007, Hong Kong imported clothing worth US $1 billion from EU, up 19.05 percent.
Of the total, apparel imported from Italy, France and England was worth $513 million, $208 million and $120 million separately, representing a boost by 29.55, 13.04 and 10.09 percent, respectively.
However, apparel exports from Germany were unable to compete with other European nations. During this period the country shipped just $95 million worth of clothing to Hong Kong.
Experts believe in recent years Hong Kong has seen sudden growth in trade of imported material as the Government has not imposed tariffs and value-added tax on the imported clothes. Thus, the region has become a heaven for consumers who like to squander money on branded clothings from EU.
According to a study during in 2007, over 15 million tourists poured in to Hong Kong adding to the sale of famous EU branded clothings.
Fibre2fashion News Desk - China
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