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Chinese textile exports to Japan dip on yen depreciation
20
Jan '14
The depreciation of the Japanese currency against the US dollar, along with the appreciation of the Chinese yuan against the dollar, has resulted in the decline in Chinese textiles and apparel exports to Japan.
 
From January to November 2013, China exported 25.9 billion yuan worth of textiles and garments to Japan, registering a decline of 0.63 percent year-on-year. However, the volume of exports has not decreased and the decrease in value is more due to the depreciation of the Japanese yen, which resulted in the decline in the price of Chinese products.
 
On January 1, 2013, one US dollar was traded at 86.6109 Japanese yen. Thereafter, the currency steadily depreciated to trade at 95.9646 yen for 1 US dollar on March 20, 2013. Though it recovered partially to 93.0461 yen for 1 US dollar on April 3, 2013, it depreciated again to cross the 100 yen for 1 US dollar mark on May 9, 2013. On November 30, 2013, the exchange rate was 102.4452 yen for 1 US dollar.
 
On the other hand, the Chinese yuan had appreciated against the US dollar during the same period. On January 1, 2013, one US dollar was exchanged for 6.2302 yuan, while the exchange rate on November 30, 2013 was 6.0933 yuan.
 
In 2014, the Chinese currency is expected to appreciate further to break the 6 RMB against the US dollar mark.
 
Hence, Chinese textiles and clothing exports to Japan are likely to be under pressure in 2014.
 

Fibre2fashion News Desk - India


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