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Growth rates show a declining trend
24
Mar '08
Statistics reveal that China's textile industry caught a cold in the first two months of 2008. In the first two months of this year, China's textile and garment exports touched US $16.44 billion, an increase of only 5.7 percent over the same period last year.

Over the same period, Guangdong textile and garment exports reached only US $3.52 billion, a decrease of 11.3 percent.

The slowdown has become a matter of concern for the textile and garment industry in general and trade associations are looking in to the reasons for the slow growth rate.

Order book positions are reducing and there seems to be a big gap between demand and supply. The enforcement of the new labour law has brought its own problems, including a hike in labour costs. With signs of recession in the US market, experts foresee markets to be bearish in the near future.

Since the textile industry is a highly labour intensive industry and one of the highest employment generators, any changes in the macro-economic policies and fluctuations in the global economy, creates an immediate impact on the fortunes of the textile industry.

Industrial experts are of the opinion that companies should use their resources in exploiting the huge potential of the domestic market, rather than competing in the overseas market in the short term.

The exchange rate is a big factor in foreign trade, so they also suggest trading in other strong currencies other than US dollar in order to avoid the risks caused by dollar depreciation.

Fibre2fashion News Desk - China

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