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Decline in export of textile & apparels
29
Mar '08
Total textile and apparel export of China, in February 2008, reached nearly US $10.29 billion, a significant decrease of 32.9 percent when compared to January, representing a drop of 8.5 percent from the same period last year.

In 2008, total textile and apparel exports amounted to around $25.62 billion, an increase of only 9.6 percent, in comparison to 2007. The exports of textile yarns and fabric products came up to $9.19 billion, showing a fall of 0.7 percent, from the same time last year. The export of apparel and clothing accessories saw a boost of 5.7 percent and reached almost $16.43 billion, in comparison to 2007.

Market analysts believe that, there are various reasons for the decline of export growth rate in 2008. Firstly, the economic downturn in Europe and United States lead to decrease in demand. Secondly, appreciation is being witnessed in RMB, so the domestic enterprises are not taking orders, as they may end up making loses.

Finally, an increase in labour cost has led to rise in cost of production, weakening competitiveness in the global market. As a result, low-end orders have been transferred to India and other Asian countries.

Even though, the growth rate in January-February was only 9.7 percent due to heavy snowstroam, textile and garment industry still has a good hold in international market. Export growth is likely to slow down from nearly 20 to 15 percent this year.

Fibre2fashion News Desk - China

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