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Slight fall in RMB appreciation helps Chinese exporters
29
Jul '13
China’s currency has been rapidly appreciating for the past two quarters against the US dollar, making it difficult for the textile exports. However, these exporters are now feeling a sigh of relief as the value of renminbi against the US dollar has declined slightly for two consecutive weeks.
 
Analysts expect the RMB appreciation to weaken further, and the benefit to the textile industry would become more apparent.
 
The renminbi exchange rate is very sensitive, especially for China's small and medium textile and garment enterprises.
 
It is estimated that for every 1 percent appreciation of RMB, the profit margin of the domestic cotton textile industry declines by 3.19 percent, whereas the fall is 2.27 percent for the wool industry, and 6.18 percent for the clothing industry.
 
The slight decline in RMB exchange is likely to help improve the performance of local textile exporters. 
 
From January to June 2013, China’s cumulative textile and garment exports stood at US$ 127.232 billion, which is an increase of 12.06 percent year-on-year, according to data from Customs department.
 
Of this, textile exports climbed 10.1 percent year-on-year to US$ 51.16 billion, while clothing exports rose by 13.4 percent year-on-year to US$ 76.05 billion.
 

Fibre2fashion News Desk - India


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