Home / Knowledge / News / Textiles / 'Weakening Euro, a growing concern' - Experts
'Weakening Euro, a growing concern' - Experts
12
Sep '08
Since the RMB started skyrocketing against the US Dollar, most foreign trade deals are being made in Euro.

However, now that RMB is appreciating rapidly against the Euro as well, local industries are getting concerned.

Insiders say that most export enterprises were struggling to survive against the weakening US economy and this new development was definitely not going to help.

In the first seven months of this year, Chinese textile and garment export volumes could only achieve a 5.21 percent growth, representing a sharp decline of 5.53 percentage points from same period of 2007.

This year in April and May the RMB exchange rate against the Euro started to appreciate, the increase exceeding that against the US Dollar.

The rise met a new high on September 2, when 1 Euro equaled to 9.9667 yuan. Besides, European economy is expected to weaken significantly next year.

Experts are urging industries to take necessary steps and try to cope with this situation.

Fibre2fashion News Desk - China

Must ReadView All

Courtesy: Alibaba

Apparel/Garments | On 21st Feb 2017

Alibaba announces retail partnership with Bailian Group

Chinese e-commerce giant Alibaba Group has made another move in its...

Apparel/Garments | On 21st Feb 2017

Govt may free up retail FDI for domestic goods

Government may remove restrictions on retailers like Walmart and...

Apparel/Garments | On 21st Feb 2017

Max Fashion targets revenue of Rs 5,000 cr by fiscal 2021

Apparel retailer Max Fashion is mulling to double its turnover to Rs...

Interviews View All

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search