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Exporters to count on high-price textile products
22
Feb '08
The quantity of export orders from the US, received by most of the clothing export enterprises in Jiangsu Province and Zhejiang Province, has reduced considerably.

A number of factors may have played a key role in impacting the textile and clothing industry. However, the most prominent of these could be the implementation of new Chinese labor law and appreciation in RMB.

The new Chinese labor law took effect from January 1, 2008 following which, the Chinese labor cost will increase by about 20 percent. Additionally, rising inflation has forced the Government to adopt measures to quicken RMB appreciation. This will ultimately compel the export enterprises to manufacture high-quality and high price products.

Most importantly, appreciation in RMB will lead to a continuous rise in the prices of Chinese textile products and this is bound to create instability in the market.

Thus to conclude, the situation of exporters is quiet critical and unless serious measure are undertaken by the Government, it will be impossible for export oriented enterprises to overcome the ongoing market disturbance.

Fibre2fashion News Desk - China

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