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Chinese apparel sector proves soothsayers wrong
04
Feb '11
The Chinese apparel sector has once again proved all pundits and soothsayers from the global apparel sector wrong. They were all quoted as saying in unison that the apparel industry was losing its teeth and competitiveness, due to the rising labour cost.

Shipments from the garment sector have recovered magnificently in 2010, after having been badly battered in the preceding two years. Exports of clothing and accessories fetched US $129.478 billion, an increase of 20.88 percent year on year, in 2010.

Even the domestic clothing markets are witnessing favourable times. Figures available with fibre2fashion for the last quarter of 2010 reveal that, sales income of China's domestic apparel industry reached 351.58 billion Yuan, an increase of 32.0 percent year on year and in comparison to the third quarter rose by 17.9 percent.

Nowhere else in the world have apparel exports have grown at this scorching pace, except for Vietnam which too has maintained the same growth rate. The Chinese though offcourse have been able to attain these heights only because of the favourable global economic climate and government incentives.

Fibre2fashion News Desk - India

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