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Full recovery in textile sector may take 3-5 years - MoC
04
Nov '09
On the morning of November 1, Minister of Commerce Mr. Chen Deming marked his presence at the third phase of the currently running Canton Fair. According to him, the situation is not optimistic and he expects full recovery may take at least 3-5 years.

Wang Shenyang, Chairman of China Textile Import and Export Chamber of Commerce agreed to his opinion and he also expects that import purchases of buyers from Europe and the United States would increase early next year.

Coupled with the small export base this year, export situation is expected to be slightly better early next year. Chen pointed out that buyers are now working with a few, but reliable and reputable suppliers, which will only benefit competitive suppliers.

He also reminded the audience that, while changes in the RMB exchange rate is not under control, companies should prepare in advance for expected appreciation and be fully prepared when signing contracts for supplies in the future.

Fibre2fashion News Desk - China

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