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China's Jan'14 textile and apparel exports set new record
14
Feb '14
The exports of textile and apparel made by China in January 2014 have set a new record of US$ 28.62 billion, according to the latest statistics.
 
Segment-wise, while the textile exports grew at approximately 14.8 percent year-on-year to $10.537 billion, garment exports surged by 16.6 percent year-on-year to $18.08 billion.
 
In comparison, China’s textiles and clothing exports increased at approximately 12 percent year-on-year and 11 percent year-on-year, respectively, in 2013.
 
The growth in Chinese textile and garment exports in January is attributed to pick up in demand from the US and the EU markets.
 
It is widely expected that the Government of China would end its policy of temporary purchase and storage of cotton, and implement a cotton subsidy policy this year, which would bring further cheer to the Chinese textile industry, as it would lead to narrowing the difference between prices of domestic and imported cotton.
 
The Government’s step is likely to boost the competitiveness of the Chinese textile industry.
 
At present, China is the world’s largest textile and apparel producer, consumer and exporter, although it is facing problems of overcapacity, rising production costs and increasing labour costs.
 
Hence, in order to achieve sustainable development, the Chinese textile industry needs to promote industrial restructuring and upgrading, according to industry experts.
 

Fibre2fashion News Desk - India

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