The Chinese textile industry, which is already huge, would grow at an average annual rate of 12 percent, Mr. Gao Yong, Vice President of China National Textile & Apparel Council, has said.
“In the next five years, growing at an average annual rate of 8 percent, the overall exports of the Chinese textile sector are estimated to touch US$ 300 billion,” said Mr. Yong.
He added that the country's exports amounted to US$ 212 billion last year, which was 34 percent of global textile exports. The growth in the Chinese textile sector was earlier mainly owing to an increase in its exports.
However, the scenario has changed in the past five years as the domestic sales have shown a sharp rise. In 2010, most of the production was consumed by domestic sales.
Talking about the processing of cotton, Mr. Yong anticipated that the “volume of cotton processing will increase to 51.5 million tons in the next five years, growing at an average annual rate of 4.5 percent.” He added that last year, China processed 41.3 million tons of cotton, which was around 52-54 percent of the total global processing volume.
Fibre2fashion News Desk - China
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