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Preview of the textile & garment industry - 2007
26
Jan '08
The year 2007 proved to be an exceptional year for the textile & garment industries of some countries & tumultuous for others. On one hand countries like China & Vietnam had a very excellent year, on the other hand countries like USA and India had declining figures.

According to revised reports from China, enterprises in the textile industry are expected to complete a total industrial output value of 3.05 trillion Yuan, up 21.9 percent year on year.

The latest statistical reports show that China exported textile and apparel worth US $156.584 billion in the first 11 months in 2007, with 19.86 percent increase over the same period of last year.

Of the total exports, apparel and accessories generated over $105.43 billion, a rise of 22.2 percent; yarn, fabric and other textile products makes up $51.152 billion, augmenting 15.3 percent.

Provisional figures released by Vietnamese MOIT currently suggest that the textile and garment industry of Vietnam earned US$ 7.8 billion exports revenue in 2007, representing a year on year increase of 32% and become the largest foreign currency earning industry for Vietnam.

Data released by the U.S. Federal Reserve yesterday showed that U.S. Textile Mill output fell sharply by 12.1 percent in 2007. The drop in output was the largest since the U.S. government began publishing output data on the topic in 1972. From its peak in December 1997, U.S. Textile Mill output has plunged 44.85 percent.

A flood of subsidized imports, especially those from China, is crippling the U.S. textile industry. The decline in U.S. output directly is tied to the loss of market share, and the loss of market share then is directly tied to the loss of hundreds of thousands of U.S. textile and apparel manufacturing jobs.


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