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Foreign buyers reluctant to fork out higher prices
22
Jun '11
China's exports of textile and apparel reached US $88.835 billion from January to May 2011, an increase of 26.55 percent year on year, according to Chinese Customs statistics.

The sharp growth in exports was mainly due to substantial increase in export prices year on year.

However, the monthly export growth rate slowed down in May, in relative comparison to January, March and April.

Some SMEs that lack competitiveness are facing problems, due to the impact of high costs of raw materials, increased labor costs, the appreciation of the Renminbi and other factors.

Foreign buyers are generally reluctant to accept a 20-30 percent increase in export prices from China, due to which, some customers from Europe and the United States have cut purchases in China.

These orders have now shifted to other low cost Asian countries like Bangladesh, Vietnam and Indonesia.

Fibre2fashion News Desk - China

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