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Govt policy facilitates textile exports from China's Yiwu
13
Aug '13
The implementation of the new taxation policy by the Yiwu administration in July last year has facilitated the growth of textile and garment exports from the Yiwu region, according to China Textile Import and Export Chamber of Commerce.
 
Yiwu is a city of about 1.2 million people in central Zhejiang Province near the central eastern coast of China.
 
On July 1, 2012, Yiwu State Administration of Taxation promulgated the ‘Tax (2012) No. 39’ Provisions, aimed at promoting local trade. Since then the exports of textiles and apparel from Yiwu has increased significantly.
 
In the first half of 2013, a large number of enterprises have returned to Yiwu due to favourable tax policies, customs clearance and an overall favourable business environment.
 
From January to June this year, textile and clothing exports from Yiwu rose rapidly by 174 percent year-on-year to US$ 2.32 billion. Except for the month of March, textile and garment exports showed a growth rate of over 100 percent, which is higher than the average growth of Zhejiang province.
 
Sector-wise, textile exports shot up by 206.8 percent year-on-year to US$ 700 million during the six-month period, while apparel exports increased by 105.1 percent.
 
Tourist shopping accounted for nearly 50 percent of all Yiwu textile and garment exports, while the developed and emerging markets contributed US$ 680 million and US$ 490 million, respectively.
 
Yiwu’s textile and clothing exports to the developed markets grew by 48.6 percent year-on-year from January to June, while exports to the emerging markets rose significantly by 215.5 percent.
 
The EU, the US, Asean, and the UAE were the top markets for Yiwu during the period, but in terms of regional distribution, exports to Africa, Asia and Latin America grew remarkably by 272.3 percent, 220 percent, and 146.3 percent, respectively.

Fibre2fashion News Desk - India

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