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Complementarity boosts China-Asean textile trade
27
Aug '13
China and the Asean countries complement each other in textile trade, and this has resulted in a sharp growth in China-Asean textile trade in recent years.
 
According to experts, China and the Asean countries have their own advantages in economy and trade, and there are differences in industrial structure and strengths, which complement each other.
 
For example, Asean countries like Cambodia and Laos need China’s capital and technology, while China needs these countries for shifting its production activities in view of their low labour costs.
 
However, the implementation of the China-Asean Free Trade Area, which has resulted in the two sides lowering trade barriers, is cited by experts as one of the main reasons for the booming China-Asean bilateral textile trade.
 
Secondly, China’s economy is in transition and China’s industrial chain that manufactures for the European and American markets is in part being transferred to the Asean countries. The production then becomes part of the Asean exports to China, which are then processed and exported to the European and American markets. This boosts the bilateral trade between China and Asean countries.
 
Another factor is the economic growth in both China and Asean countries, which places a rising demand for raw materials available with the other side. For example, Vietnam increasingly imports yarn and fabric from China, while China imports some quantity of yarn from Indonesia.
 
In 2012, China’s textile and apparel exports to Asean nations surged 34.2 percent year-on-year to reach US$ 26.66 billion, accounting for 10.5 percent of China’s total textile and garment exports. In 2011 too, the export growth rate was over 30 percent.
 

Fibre2fashion News Desk - India

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