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Export of textile & garments from Shanghai port hikes in 2008
29
Jul '08
According to Shanghai Customs statistics, textile and garment exports from Shanghai Port reached nearly US $32.39 billion in the first half of 2008, up by 19.8 percent from the same time last year and 8.7 percentage points higher than the national average.

This accounts for 39.7 percent of the country's textile and clothing exports, the proportion of which was higher compared to 36.7 percent in the same period of 2007.

In the first half of 2008, textile and garment export of China amounted to almost $81.68 billion, a year-on-year growth of 11.1 percent.

Shanghai textile exports reached around $13.03 billion, a year-on-year increase of 19.8 percent. The export of clothing also scored up during the first six months of 2008 and reached $19.36 billion, hiking by 17.2 percent over the same time last year.

Textile and apparel exports from this Port achieved stable development under severe multiple impacts and pressures such as accelerated revaluation of the RMB exchange rate, subprime credit crisis in the United States, higher costs in labor and raw materials and lower export tax rebate rate.

According to customs analysis, there were various reasons for the continuous development of textile and garment exports from Shanghai Port. Firstly, the port has achieved higher growth in some traditional export markets, partially offsetting the impact of reduced exports to the United States.

In the first six months of 2008, textile and apparel exports to the US from Shanghai Port marked around $6.03 billion, a year-on-year increase of 10.1 percent. Even exports to the EU grew rapidly and touched $8.22 billion, showcasing an annual boost of 37 percent.

In the first half of 2007, textile and garment exports from Shanghai Port to Japan, Hong Kong and South Korea indicated negative growth, but the port achieved positive growth in exports to these three nations over the same period this year. Exports to Japan reached $5.37 billion, a hike of 8.10 percent, Hong Kong $960 million, rising by 3.6 percent and South Korea $780 million growing by 2.3 percent in 2008.

The other reason for good export is gradual diversification of overseas markets. In the first six months of this year, textile and clothing exports from Shanghai Port to the ASEAN region and Africa recorded $1.94 billion and US $1.23 billion, representing a year-on-year amplification of 28 percent and 14 percent, respectively.

Fibre2fashion News Desk - China

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