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'Correct fundamentals of crisis still not understood' - VP, CTIA
26
Mar '09
Mr Sun Ruizhe
Mr Sun Ruizhe
According to Customs statistics, China's textile and apparel exports totaled US $185.16 billion in 2008 and at the same time, growth rate shrank from 26.28 percent at the beginning of the year to 8.18 percent, due to the economic crisis.

Textile exports touched $65.37 billion; apparel exports scored $119.7 billion, a growth rate of 16.6 percent and 4.1 percent, respectively. Textile export growth rate rose by 1.6 percent compared with 2007, while apparel exports rate fell 16.80 percent.

Vice-President of China Textile Industry Association, Mr Sun Ruizhe unscrambled the likely economic situation scenario in 2009 and said, “Even though 2008 export growth rates fell, no one has still understood the correct fundamentals”.

“There is still a need to grasp development trend of the textile industry at home and abroad, as well as changes in consumer demand, China should set up development model for the sector on basis of effective demand”, he added by saying.

He continued, "We should have confidence in the textile sector and according to my analysis, since the 90's, China's exports to the US and EU has maintained growth without particularly large fluctuations in these 18 years”.

“At the same time, supply from other countries like India and Pakistan has experienced large fluctuations. US, EU and Japan account for 60 percent of imports from the sector, and have formed a degree of dependence on the Chinese textile sector.

“This degree of dependence cannot be wished away or can be easily changed overnight due to the economic crisis, and the crisis does not change demand for daily necessities, but only affects the consumption pattern”, he explained.

“This requires us to do meticulous research on the buying habits, since consumer buying pattern has changed with less emphasis on the entertainment expenses and importance being given to pricing than ever before”, he continued by saying.

According to him, the first to be affected will be the high end stores, while discount stores like Wal-Mart will benefit from the crisis and this situation will boost exports of Chinese cheap and mass produced textiles and clothing.

Fibre2fashion News Desk - China

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