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US 'special protection' to hit Zhejiang socks enterprises

Dec '06
From January 1, 2005, the world stepped into the global textile quota-free era. Earlier, many socks enterprises in Zhejiang were elated for the forthcoming abolition of export quotas, but when new trade protection policy in the textile industry began to spread, the socks enterprise in Zhejiang have felt blasts of coldness.

First the US claimed 'special protection' on the pretext of Chinese textiles 'invasion' to the US market having disturbed the surviving grounds of domestic textile industry.

On October 29 last year, the U.S. government officially imposed quantitative restrictions on import of some Chinese socks, with limited number of about 510 million pairs, and setting a deadline of one year.

Though this restriction has not yet revealed any effect, it is bound to deal a blow to exports in Zhejiang socks.

Socks are one of the traditional staple commodities in Zhejiang Province. In 2004, Zhejiang exported 2.59 billion pair socks, worth $620 million, accounting for 52.9 percent and 50.4 percent of the total national socks exprots in terms of quantity and value, respectively.

The US is a major export market for Zhejing socks. In 2004, Zhejiang's socks exports to the US reached 500 million pairs, with value of $150 million, accounting for 19.3 percent and 24.2 percent in the same period in Zhejiang sock exports, respectively.

Fibre2fashion, News Desk - China

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