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Chinese textile sector to maintain last year's growth rate
25
Feb '14
For the Chinese textile industry, the overall market environment both in domestic and export market will further improve in 2014 over the last year. Hence, the Chinese textile industry is expected to basically maintain last year’s growth rate, according to experts.
 
In 2013, the data of over 39,000 textile enterprises in China shows that the industrial added value increased by 8.3 percent, while exports grew at 12 percent year-on-year.
 
In 2014, China’s textile and apparel exports still face a continuation of last year’s problems like rise in labour costs, the wide price difference between domestic and imported cotton, the unfavourable RMB exchange rate, etc. But, in spite of these difficulties, China’s textile export enterprises are expected to maintain a rapid growth this year, according to industry analysts.
 
This year, China’s domestic market fundamentals remain good, as there is a steady increase in both urban and rural incomes, and new urbanization policy is being implemented in an orderly manner. Hence, domestic clothing consumption is expected to grow steadily.
 
Secondly, in the export market, the US, Europe and other major developed economies are showing signs of recovery, and hence, the global market is expected to stabilize for the better.
 
At the same time, owing to the continuation of last year’s problems, China’s textile industry will continue to upgrade and improve its efficiency by making adjustments in the production structure, which will help it remain competitive.
 

Fibre2fashion News Desk - India

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