The textile & apparels industry in Hong Kong seems to be going through a rough period in the last 3 years. While exports from neighboring China seem to be galloping, the situation in Hong Kong is quite the opposite.
In 2005 exports of apparels was HK $56,240 million and that of textile products HK $4,695 million. A dip of 11.3 percent and 11.8 percent respectively corresponding to 2004.
It further slid to HK $52,233 million in respect of apparels, down by 7.1 percent and HK $4,120 million for textiles, down by 12.3 percent in 2006 in contrast to 2005.
2007 was a watershed year for the industry. Exports of apparels further sank to HK $38,889 million a plunge of 25.5 percent. Textiles also went the way of apparels by registering only HK $3,608 million, but with a fall of only 12.4 percent when evaluated with figures of 2006.
2008 was no better. Apparel exports in March reached HK $1599 million, a growth of 3.7 percent with the corresponding period in 2007. But the gains were washed away in April & May 2008 when apparel exports slipped to touch HK $1638 million and HK $1881 million respectively. In percentage terms it was a steep fall of 31.3 percent and 37.4 percent respectively with the same period in 2007.
The downfall in textile products has not been as steep as in apparels through out the last 3 months. In March, April and May 2008 exports were HK $ 293 million, HK $327 million and HK $284 million respectively.
The corresponding fall in growth for March, April and May 2008 are a negative 17.3, 7.0 and 19.7 percent respectively when matched with same period in 2007.
Click here to view export data
Census & Statistics Department: Hong Kong
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