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Sino–US textile trade likely to slowdown in 2009
01
Apr '09
The Chinese Government is less likely to compromise with the major trade restrictions in 2009. The China's ministry of Commerce officially declared that it would not place licensing requirements on textile and apparel exports anymore beginning in 2009.

To strengthen the industry recovery, the Chinese Government has taken steps to raise the export tax rebate rate for textiles and apparels from 11% to 16%, the latest increase brought in to effect from April 1, 2009 and the highest in the past 10 years.

Even in the absence of any trade restrictions, it is believed that US-China textile and apparel trade is likely to slow down during 2009. US getting deeper into the recession crisis is the main cause for the anticipated decline.

To survive through the tough times, U.S. textile industry needs to figure out new business ventures, and explore the international markets to meet the challenges of the declining domestic demand.

At the same time, China should reduce depending on exports while absorbing the production capacity of the industry by stimulating more domestic consumption.

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Fibre2fashion News Desk - India

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