Domestic apparel exports breech highest levels in August
04 Oct '05
1 min read
Apparel exports in the domestically produced category reached record level at HK $7.395 billion in August, up 7.6 percent from year ago levels, and the highest since July 2002.
However, January through August apparel exports crossed $28.119 billion, which is down 28.1 percent compared to last year's level.
In the aftermath of the current situation facing the Chinese textile industry, which has been facing tough times in the European and the US textile markets had spurred the Hong Kong's domestic apparel industry to shift production from mainland to Hong Kong that led to the major export surge in August.
Earlier, shift in production was meant to save money and lower cost that registered a steep fall in the first half of 2005 at 38.7 percent to HK $15.744 billion.
Now with manufacturing back in Hong Kong and further, to avoid quotas, resulted in July apparel exports growing by $4.880 billion – a record since December 2004.
September forecast are very optimistic and impressive as well, as most China safeguards to the U.S. filled along with the Chinese quotas for the European Union.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
