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Country haven for global textile & garment suppliers
02
Feb '09
In recent years, the continuous development of China's economy is leading to a higher consumer market demand due to which demand for raw materials and other products from global suppliers from the domestic textile and apparel industry is growing by leaps and bounds.

This in turn is increasing the demand and creating a huge market for technologically advanced machinery and equipment which is mainly imported from global suppliers. The government has also initiated a series of measures to expand imports.

As the government gradually opens its markets to global suppliers and brands the opportunities are keeping on increasing. First, China reduced import tariffs for all trading partners, which has created conditions for its trading partners to expand shipments to China.

China's average tariff on imports dropped to 9.8 percent in 2008. Since June 1, 2008, China further reduced import tariff on cotton. It is obvious that China, the world's largest textile-producing and a consuming country with a population of 1.3 billion, has provided more opportunities for textile enterprises in other countries and regions to expand exports to China.

Secondly, with exports growing incrementally, the industry is importing an ever increasing quantity of cotton, wool, chemical fiber materials, textiles and yarn. According to Chinese Customs statistics, in 2008, China imported US $3.49 billion of cotton, $1.7 billion of wool, $750 million of textile synthetic fibre and $1.57 billion of synthetic fibre yarn.

Finally, China's domestic demand growth has also provided a vast market for clothing imports. In 2007 and January to November 2008, China's clothing imports were $1.97 billion and $2.09 billion respectively, representing a year-on-year increase of 14.7 percent and 16.6 percent, respectively.

Fibre2fashion News Desk - China

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