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Textile & apparel sector shows resilience to crisis
19
Aug '09
"China's economy has shown signs of stabilization" said Yao Jian, spokesman of the Ministry of Commerce, yesterday at a routine news conference. Gross value of national imports and exports in July stood at US $200 billion.

Taking into account the low value of exports, caused by the financial crisis in the second half of 2008, the narrowing trend in decline of China's exports may continue in the second half of 2009, or exports may even show monthly pick-up.

This is the first time that the Ministry of Commerce has openly affirmed rise of China's foreign trade. Ministry of Commerce has always taken a more cautious approach, as it has repeatedly stressed the seriousness of export situation.

Yao Jian pointed out that in November and December of last year, China's imports and exports reached about $190 billion and the same touched $200.2 million in July this year, to register the highest monthly value since the end of last year.

Yao Jian said that China's imports and exports have a good foundation and structure of export products is mainly based on labor-intensive industries and in the next 5 months, negative growth will slow down and may even show monthly growth.

China's labour-intensive sectors have displayed strong resilience in the previous twelve months. In the first seven months of 2009, while US imports of textiles tanked by 9.4 percent, exports to US from China grew by 0.04 percent.

Fibre2fashion News Desk - China

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