Chinese clothing exports on high growth trajectory
09 Feb '10
1 min read
China's apparel exports have hit new records during the past few years, except for 2009. Exports of textile and apparels from China constitute an important segment of the developed and developing economies of various countries.
Internal and external markets, increasing income of the people, a positive transformation in the living standards of the people have all provided good opportunities for the industry to prosper.
Export values of textile and apparel products from the Southern coastal Guangdong Province grew by 6.3% year on year to reach USD 2.36 billion.
With the changing business scenario, many foreign companies are now entering the Chinese market through global sourcing. The duty drawback is offered to offset the incidence of customs duty, service tax, and central excise duty on export items.
This duty drawback given to the Chinese apparel exporters were revised five times from 11% to 17% in between 2008 and 2009. China will continue to be a good alternative for sourcing for the coming years for discreet apparel buyers.
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