Foreign trade in T&G sector posts negative growth in June

12 Aug '08

2 min read

According to customs statistics, imports and exports of overall textile and apparels reached US $17.17 billion in June 2008, representing a year on year decline of 4.1 percent.

Of the total, exports touched US $15.52 billion, down by 4.2 percent while imports settled at $1.65 billion, down 3.1 percent, realizing a surplus of $13.87 billion in June which is still lower by 4.3 percent compared to the same period last year.

However, in the period between January and June, textile and apparel imports and exports totaled $90.84 billion, up by 10 percent over the corresponding period last year.

While exports fetched $81.69 billion, an increase of 11.1 percent, the amount spent on imports stood at $9.15 billion, an increase of 0.9 percent, realizing a trade surplus of $72.54 billion and posting a hike of 12.5 percent.

Sluggish market demand, rising cost of raw materials and energy, RMB appreciation and a host of other internal and external factors have been pointed out as some of the major reasons behind a slowdown in textile and apparel exports in the first half of 2008. June which is usually considered a peak time for exports had a 'cold spell' cast over it with exports and imports as well as trade surplus reflecting a plunge.

Fibre2fashion News Desk - China

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