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Chinese textile firms need to adopt rational view
Jan '14
In 2013, the Chinese textile industry passed through an important period of adjustment and it maintained a steady growth despite facing numerous challenges.
As per the data from the National Bureau of Statistics, the Chinese textile industry’s main business income increased by 11.7 percent year-on-year to 4.558 trillion yuan in the first three quarters of 2013. Similarly, profit increased by 17.41 percent year-on-year to 215.249 billion yuan, while exports rose by 11.74 percent year-on-year to earn US$ 215.311 billion.
Overall, the textile industry’s main business profit growth and revenue growth remained above average in comparison to 40 other types of industries, during the year.
However, the year 2013 saw continuation of profit pressures faced by cotton spinning enterprises, mainly due to the wide difference in prices of domestic cotton and those of the imported variety.
The year 2014 is also likely to be smooth. Most importantly, the Government is likely to change its cotton policy, thus easing the pressure on cotton spinning enterprises. However, it is not likely to dramatically alter the industry pattern in a year.
It is because the textile industry’s performance would also depend on other factors like the national economic policy as well as export market situation.
In such a scenario, the Chinese textile enterprises would have to adopt a rational view for future development. It is likely that the scale of expansion of the industry will significantly slow down, industrial upgrading would be accelerated, and industrial restructuring would be inclined towards industrial textiles.
However, energy conservation issues are expected to pose difficulties in the development of the Chinese textile industry.
Looking at these industry trends, textile and garment industries in China would have to actively look for a new direction and a new way in 2014.

Fibre2fashion News Desk - India

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