The overall international economic situation continues to deteriorate and demand is falling further, thereby exacerbating the situation and although the country has enhanced export tax rebate rates, textile and garment exports continue to decline.
Exports in February, in particular only amounted to US $6.675 billion, down 56 percent from the previous month and 35 percent year-on-year, which gives an indicator of the current grim situation and also about the times to come.
With the support of polices conducive to growth, the textile industry started to turn around after the Chinese New Year. February yarn production registered 1.5 million tons, an increase of 21 percent year-on-year, though growth rate continued to decline.
To maintain the operational cycle, some textile and garment enterprises have reluctantly sustained production by cutting back operations and workforce to the extent possible, but have suffered heavy losses in the process.
In February, clothing category prices indicated a year-on-year decline of 2.3 percent in the Consumer Price Index (CPI), of which apparel prices fell 2.7 percent.
Fibre2fashion News Desk - China
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