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Cold wave runs thru cashmere industry
11
Feb '08
In the month of January, due to continuous unusual low temperature, snow and frost in South and Northwest China, the sale of down clothes and cashmere clothes have increased.

Yet, experts assume that this temporary cold weather will not change the depression, which the industry is going through in recent times.

In this regard, an official of Erdos Group, one of the biggest manufacturer and owner of cashmere raw materials said that even though their export quantity has not gone down, profits are comparetively lower in recent years.

In 2006-07, the company lost a profit of around 80 million yuan and this year the company estimates that it would suffer a loss in terms of export quantity as well.

Erdos Group, which deals in cashmere as well, is further facing problems as export rebate rate for cashmere clothes has come down from 17 to 11 percent and for cashmere yarns, it is just 8 percent. This will also lead to company's low foreign exchange income.

Fibre2fashion News Desk - China

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