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RMB appreciation forces hike in textile export prices

11
Jan '07
In 2006, the revaluation of RMB against US dollar was more than 3 percent, while that of Japanese yen was a devaluation of 1.4 percent.

When entering 2007, the expectation of further revaluation of RMB is a self-evident. This has spurred local enterprises in rush to find surviving means.

Several medium-sized textile exporters are looking for a shift toward the domestic market from 2007, after completing 2006 contracts.

According to the calculations by China's first textile network, every one percent of RMB appreciation would decline 2-6 percent of the sales profits of textile industry.

The industrial sources believe that textile exports suffered a partial loss in 2006. The influence on low value-added products outweighed that on high value-added products, and the impact on small businesses was stronger than on large companies.

Financial experts opine that the manufacturers in mainland have been confronted with the pressure of rising costs in labor and raw materials, now they have to face further appreciation of RMB, manufacturers have no choice but to raise their prices.

Fibre2fashion, News Desk - China


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