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T&G exports will take time to turn corner
22
Jun '09
According to customs data, China's May exports were not optimistic. Statistics reveal that China exported US $12.30 billion of textiles and apparel in May, down by $187 million from the previous month, or 1.5 percent.

This represents a year-on-year reduction of $2.12 billion or a negative growth rate of 14.75 percent. Among them, exports of textiles registered US $4.89 billion, down 16.28 percent year-on-year, compared to the same period last year.

Exports of clothing and accessories in the month of May achieved $7.41 billion, down 13.71 percent year-on-year, compared to the same period last year, with the growth rate falling by 14.86 percent.

In the first five months of 2009, cumulative exports from the sector touched $55.85 billion, down 11.04 percent year-on-year, of which textile shipments marked $22.029 billion while apparel exports scored $36.823 billion.

According to preliminary statistics released by the U.S. Office of Textiles and Apparel, from January-May 2009, imports of textile and apparel by the United States continued to show a downward trend and most import categories indicated a 2-digit decline.

The overall drop in exports reached 11.8 percent, of which those from China fell 3.08 percent in general. Affected by the financial crisis, 80 percent of China's garment exporters have shifted their focus to the domestic market.

A sudden surge of products into the domestic markets has also come with its own set of problems, leading to fierce competition and prices falling with regularity and created a big question mark on the ability of the market to absorb such huge inflows.

Putting all these factors together, the domestic demand as well as external demand will continue to face severe test in the second half, since exports in the first half have registered negative returns.

And going by the current situation in global markets, they do not seem to be so optimistic in the second half of the current year too, which leads experts to aver that it will still take time for China's textile industry to really turn the corner.




Fibre2fashion News Desk - China

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