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Imports of textile machinery slowdowns at Jiangsu port
30
Dec '08
According to data released from the Nanjing Customs, imports of textiles machinery at Jiangsu port has dropped by 31 percent in the period January-November of the current year. Imports have been gradually coming down since the beginning of 2008.

Imports of machinery which stood at $45.88 million in March '08 fell to just $16.05 million in November of the year and cumulatively touched $340 million in the first eleven months of 2008.

The majority of textile machinery was imported from the European Union and Japan. Total textile machinery imports from the EU accounted for 50.2 percent, but fell to $170 million, a drop of 31.2 percent.

While Japan which supplied 31.4 percent of textile machinery and equipment, saw its exports fall by as much as 40.4 percent to reach $110 million in the period under review. Industry experts cite the slowdown as the main reason for the fall.

Along with the slowdown leading to a downward trend in imports of textile machines, RMB appreciation and a sharp increase in production costs are the other reasons put forward by experts from the sector.

Fibre2fashion News Desk - India

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