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Textile industry eases RMB revaluation pressure
02 Mar '07
2 min read
The accelerated revaluation trend of yuan against US dollar becomes clearer as it has increased by 0.89 percent in the past two months this year. But textile industry, which is regarded as the largest negatively impacted sector, has shown stronger adaptability.
Generally lifting about two percent of the price for a certain time in advance has become one of the major measures for many textile enterprises to deal with RMB appreciation in textile export business in 2006.
According to the latest customs statistics, China's textile and clothing export value in 2006 reached US $ 165.136 billion, with an increase of 22.66 percent over the previous year, accounting for 9.38 percent of the total value of imports and exports in the country.
Trade surplus amounted to $129.034 billion. Textiles and clothing export value was $147.085 billion. Among them, textile exports registered $52.254 billion, an increase of 18.84 percent. Garment export value marked $94.83 billion, an increase of 28.91 percent.
Meanwhile, the textile and garment industries continued their rapid growth. State Development and Reform Commission data showed that sales amount and profit of textile industry in 2006 increased by 21.6 percent and 27.96 percent, respectively.
Industrial analysts pointed out that at least half of RMB revaluation rate was successfully transferred onto importers. At the same time, home textiles enterprises, clothing companies and other firms transferred part of their cost onto raw materials enterprises by moderate price increase. China's textile products still have price advantage in the world, which has helped enterprises to successfully put some of the appreciation cost onto importers.
Generally lifting about two percent of the price for a certain time in advance has become one of the major measures for many textile enterprises to deal with RMB appreciation in textile export business in 2006.
According to the latest customs statistics, China's textile and clothing export value in 2006 reached US $ 165.136 billion, with an increase of 22.66 percent over the previous year, accounting for 9.38 percent of the total value of imports and exports in the country.
Trade surplus amounted to $129.034 billion. Textiles and clothing export value was $147.085 billion. Among them, textile exports registered $52.254 billion, an increase of 18.84 percent. Garment export value marked $94.83 billion, an increase of 28.91 percent.
Meanwhile, the textile and garment industries continued their rapid growth. State Development and Reform Commission data showed that sales amount and profit of textile industry in 2006 increased by 21.6 percent and 27.96 percent, respectively.
Industrial analysts pointed out that at least half of RMB revaluation rate was successfully transferred onto importers. At the same time, home textiles enterprises, clothing companies and other firms transferred part of their cost onto raw materials enterprises by moderate price increase. China's textile products still have price advantage in the world, which has helped enterprises to successfully put some of the appreciation cost onto importers.
Fibre2fashion, News Desk - China
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