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Textile sector achieves double digit growth in added value
03
Jun '11
Statistics released by the Ministry of Industry and Information showed that in the first quarter of this year, China's textile sector achieved a 10.4 percent growth in added value compared with the same time last year.

However, the rate was down 1.2 percentage points compared with the fourth quarter of last year.

Cotton price exceeded 34,000 Yuan / ton mark in March, but in less than two months, cotton price rode on a "roller coaster” and price fell to 24,000 Yuan / ton, tumbling nearly 30 percent.

Domestic and foreign markets are in downturn, downstream demand has shrunk, and orders have reduced, resulting in the plunge of cotton price. But decline in costs of raw materials, did not ease the plight of textile enterprises.

Industrial players say that now they will buy raw materials only after they have received orders. Besides, companies are seeking more cost-effective alternatives, such as chemical fiber, polyester and other products instead of cotton.

Clothing production based on chemical fiber accounted for only 30 percent in the past, but current figures indicate that share of clothing materials based on chemical fibers has risen to 50 percent of since this year.

From the perspective at national level, inflationary pressure have extended and the state will continue to intervene by taking money tightening measures and other means, while domestic policy environment, will not allow sharp rise in cotton price.

In addition, international spot market of cotton has declined, due to the impact of global economy and various political factors.

Fibre2fashion News Desk - China

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