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Chinese exports into EU likely to dip
14
Jun '10
An official of the Ministry of Commerce, Huo Jianguo has recently pointed out that the growth rate of China's exports to the EU remains at 16 percent currently, but with the rapid depreciation of the Euro, growth rate of China's exports to Europe is expected to set back.

According to him, the growth rate of China's exports to Europe in June will decline more obviously and the rate is likely to further reduce by 6 percent to 7 percent.

The EU is currently China's leading export market, accounting for 16 percent of China's foreign trade size and is also the largest market for China's textile and apparel exports. Due to the debt crisis, the Euro has depreciated by about 15 percent.

For small and medium textile enterprises with average profit margins of between 3-5 percent, profits from their orders for settlement in the Euro currency have plummeted into negative zone.

On the other hand, April unemployment rate in the Euro zone has reached the highest in history since 1999, which will mean overall spending power in the EU will decline, which is likely to further impact demand for consumer goods, such as textiles and garments.

Compared to weak European market, the US market looks better in performance. Customs figures show that from January to April, China's textile and garment exports to the US increased by 21.54 percent in volume from January to April.

Fibre2fashion News Desk

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