According to WTO estimation, in 2008, America will import Chinese textile products worth of US $50 billion. Textile sector's share in this market is growing with each passing year. Statistics show that in 2003, country's share in the international market was just 17 percent, but, now, it is nearing 50 percent.
A study conducted by industry experts, reveals that since 2003, Chinese textile business has seen a regular growth. In 2004, it went up by 19 percent. Of the total, trade of spinning yarns and woven products surged by 26 percent, taking the value to $2.42 billion.
In the meanwhile, Japan and Australia also opened their markets for the import of textile products from China. Even during the quota-regime, Chinese textile products account for over 70 percent of the total textile import value of Japan and Australia.
The study further points out that although America cancelled the quota limit on 29 categories of Chinese textile products including baby clothes in 2002, in less than 18 months, they expanded the market, which increased from 9 to 63 percent in the region.
Finally, experts observing the present scenario reveal that, in future also Chinese textiles will continue to flourish across the world.
Fibre2fashion News Desk - China
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