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Datang cluster emerges as the socks capital of the world

16
Aug '08
Datang, a small town in China has emerged as the leading socks production base in the world with an annual output of 13.5 billion pairs. The hosiery industrial cluster, with Datang as its base, is built around 12 townships, accounting for 22 percent of the total industrial output value of Zhuji.

Under the backdrop of general downturn of the textile industry, the data emanating regarding the hosiery manufacturing cluster is a surprise. As of June this year, the entire hosiery cluster accumulated industrial output value of 19 billion yuan, sales income of 18.3 billion yuan and profits of 1.66 billion yuan, representing a year-on-year increase of 17, 15 and 14 percent, respectively.

However, experts fear that the future does not hold a very bright prospect for the hosiery industries in the cluster, because with the expiry of the US quotas by the end of 2008, companies in the region will have to worry about imposition of anti-dumping tariffs against Chinese textile goods.

Although some of the companies have already started hedging their foreign exchange transactions and making settlements in Euro to cope with RMB appreciation, these measure might not be the ultimate solution to the critical times, the industries might face 2009 onwards.

Fibre2fashion News Desk - China


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