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China's textile exports to grow despite problems

07
Jan '12
China's textile exports are likely to sustain their positive growth momentum in 2012 in spite of plummeting demand from foreign markets and other problems being confronted by the country's textile sector.

The Ministry of Industry and Information Technology (MIIT) stated that the Chinese textile industry experienced heavy pressure and reflected a downward growth trend, but it still retains a competitive edge over other countries, and its export growth rate is not likely to plummet below the country's growth rate in international trade, this year.

With a year-on-year rise of 24 percent, textile exports from China grew to US$ 86.4 billion during January-November 2011, according to a statement from the Ministry.

Key business revenues grew at a year-on-year rate of 27.4 percent, while industrial production rose by 10.5 percent during the same period.

The Ministry stated that the country's textile industry is confronted with a number of challenges like falling demand, rising cost of labour, short supply of capital and restrained technological advancements. It added that the situation is likely to intensify even more this year.

Several medium- and small-sized textile firms have already been impacted by these problems, the MIIT said. It said the number of textile firms that registered negative returns during the review period grew by 28.7 percent y-o-y, while the value of total losses incurred during the period went up by 75.9 percent y-o-y.

The MIIT, to some extent, held heavy dependence on quantity and cost cutting to boost market share, responsible for mounting losses.

It stated that technological improvements and growth model of the textile industry has failed to keep pace with the changes in the external atmosphere.

In spite of the industry's depressing climate, the Ministry foresees demand from domestic market, which is being greatly emphasized on for country's economic development, to play a major role in keeping the industry afloat.

Fibre2fashion News Desk - China


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