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Chinese textile sector beats all odds, keeps growth momentum
25
Jul '11
In spite of facing several challenges, the production of China's textile industry has registered a year-on-year growth of 30 percent to touch 2.39 trillion Yuan or US$ 370.7 billion during the initial six months of the current year, according to the Ministry of Industry and Information Technology.

Output of the value-added industry grew by 9.9 percent over last year's output, which was 2.3 percent below corresponding period's rate of growth in 2009. Textile exports too grew by 28.8 percent to US$ 45.9 billion during the first half of the year.

During the January-May period, the overall earnings of the textile companies hiked to 97.7 billion Yuan, registering a year-on-year rise of 42.9 percent.

A number of challenges confronted the Chinese domestic textile industry during the first six-month period of 2011, which included the high variations in cotton prices, rise in production cost following an increase in labour cost, hike in interest rates and appreciation in the value of Yuan.

Further, some of the small and medium textile firms even suffered financial crunch owing to the tightening of the monetary policy by the Government.

The Ministry expects the output to plummet in the second part of the year due to many roadblocks. While high inflation in the country would hold back local consumption of garments and textiles, elevated cost of raw inputs and difficult credit would raise the pressure on domestic firms.

The Ministry also expects the overseas demand to fall due to regional political problems, Euro debt crisis and the US's huge fiscal deficit.

Fibre2fashion News Desk - China

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