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Textile & garment industry juggernaut slows down in 2008
13
Feb '09
When considering foreign trade from the textile and garment industry in China, general trade took a dominant position. In 2008, general trade from the sector registered US $127.89 billion, an increase of 3.8 percent and accounted for 69.1 percent of China's total textile and clothing exports, while shipments from the processing trade totaled to $40.41 billion, an increase of 4.7 percent.

Second, exports of private enterprises accounted for over 40 percent of all shipments from the sector. In 2008, China's exports from the textiles and clothing sector by the private sector fetched $79.3 billion, an increase of 11.1 percent; foreign-invested enterprises exported worth $60 billion, an increase of 10.5 percent and state-owned enterprises shipped $35.41 billion worth of goods, an increase of 0.7 percent.

Third, exports to the EU was the only bright spot in an otherwise near stagnant year, where exports grew very well, while exports to Hong Kong declined markedly. In 2008, exports to the EU touched $38.84 billion, up 37.9 percent; United States $25.36 billion, an increase of 1.8 percent; Japan $21.32 billion, up 8.3 percent; Hong Kong $15.99 billion, down 11.9 percent and ASEAN $111.9 billion, up 2.9 percent.

Fourth, export growth from Zhejiang province stayed strong, but exports from Guangdong dropped drastically. In 2008, Zhejiang, Guangdong and Jiangsu together accounted for 57 percent of China's total exports from the sector. Among them, exports from Zhejiang reached $42.24 billion, an increase of 18.7 percent, Guangdong $34.13 billion, down 18.7 percent and Jiangsu $29.2 billion, an increase of 15.3 percent.

Fifth, export growth from the apparel sector witnessed a massive slowdown in 2008. China's exports of clothing and accessories totaled $119.79 billion, an increase of only 4.1 percent. On the other hand shipments from the textile yarn, fabrics and finished products amounted to $65.31 billion, an increase of an awesome 16.6 percent. The growth rate from the clothing sector fell to its lowest rate in 10 years.



Fibre2fashion News Desk - China

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