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Your go-to source for news, anytime, anywhere! Insightful industry information from the textile, apparel & fashion world with our news app
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Rise in textile tariffs drive exporters in desperation
24 May '05
1 min read
China, Friday announced to raise taxes on 74 textile products exports to retain trade relations with US and EU. This increment in taxes will be effective from 1st June 2005.
The decision was seen as a compromise to the United States and the European Union, which are facing increasing pressure to bound the surge Chinese textile shipments after the January 1, 2005 termination of a global quota.
Chinese textile makers are still in confusion to cope with the increase in the export taxes. Industry analysts said that Chinese companies would have to compromise with the profits they are earning during the process, textile industry players claims that their profits have been low enough.
To gain their margins, they will have to increase export prices, this would result that they might loose share in key markets. Friday's announcement was made in the wake of a US decision this week to re-impose restrictions on seven kinds of China textile and clothing imports.
The decision was seen as a compromise to the United States and the European Union, which are facing increasing pressure to bound the surge Chinese textile shipments after the January 1, 2005 termination of a global quota.
Chinese textile makers are still in confusion to cope with the increase in the export taxes. Industry analysts said that Chinese companies would have to compromise with the profits they are earning during the process, textile industry players claims that their profits have been low enough.
To gain their margins, they will have to increase export prices, this would result that they might loose share in key markets. Friday's announcement was made in the wake of a US decision this week to re-impose restrictions on seven kinds of China textile and clothing imports.
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