Textile and garment exports from Guangdong Province in 2008 reached US $34.13 billion, representing a year-on-year decline of 18.7 percent, from which shipments of clothing and accessories registered $25.35 billion, down 25.3 percent while exports of textile yarn, fabrics and related products fetched $8.78 billion, an increase of 8.8 percent.
The shipments, though, benefited from the country's introduction of improved export tax rebate policy in November and December. Exports from the whole sector touched $3.33 billion in December, hitting a new high for the year and up 0.8 percent from the previous month, but down 8.4 percent year-on-year.
Exports from the general trade marked $18.78 billion, down 31.4 percent, accounting for 55 percent of total textile and garment exports, while processing trade achieved $13.37 billion, down 0.3 percent, accounting for the rest of the total shipments from the sector.
In 2008, Hong Kong, the EU and US were still major markets for textile and apparel exports from the province. Among them, exports to the EU stood at $6.41 billion, a growth of 73.3 percent; exports to Hong Kong and the United States came to $10.81 billion and $4.15 billion, down 13.2 percent and 15.3 percent, respectively.
Exports to these three markets together accounted for 62.6 percent of total textiles and clothing exports from Guangdong Province. In addition, exports to ASEAN came to $2.68 billion, down 32.2 percent.
According to sources, two thirds of the companies from the sector in Guangdong province, are running in to medium to heavy losses or booking very marginal profits since the beginning of 2008.
Fibre2fashion News Desk - China
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