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'Profits of T&G sector to turn negative in 2009' – Textiles Office
16
Mar '09
According to statistics, China has about 130,000 textile and garment enterprises, of which clothing enterprises amount to approximately 80,000. Together these garment companies have an annual production capacity of about 60 billion pieces.

The whole sector provides direct and indirect employment to about 170 million people from the raw material stage to finished products stage, which is the main reason for the government taking so much interest in the sector.

The Textile Office of Consumer Goods and Industrial Division of Industry and Information Ministry has recently released statistical data pertaining to the economic indicators of the sector in 2009.

As per the indicators, industrial added value growth rate is going to be in the region of 5–8 percent, the fixed-asset investment is projected to grow by 5 percent and exports are anticipated to increase by 5 percent.

The Textile Office though has indicated profits to be in the negative in 2009 considering that buyers are reducing prices, but the best part of the survey points to an increase in domestic consumption by 15-20 percent.

Fibre2fashion News Desk - China

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