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Textile industry nullifies influence of RMB appreciation
03 Mar '07
1 min read
Normally, RMB appreciation impacts textile industry negatively and Government takes various steps to reduce influence on the sector.
In past two months, RMB appreciated against US dollar at an increasing rate of 0.898 percent. But textile industry has shown strong resistance to this fluctuation in the value.
As textile enterprises had anticipated such hike in RMB, they already increased prices of goods by two percent, which nullified the effect of appreciation.
According to the latest statistics, total import and export value of textiles and clothing in 2006 was US $165.136 billion, a year-on-year increase of 22.66 percent.
During this period, textile exports value reached US $52.254 billion, an increase of 18.84 percent, while garment export value stood at 94.83 billion, an increase of 28.91 percent.
In past two months, RMB appreciated against US dollar at an increasing rate of 0.898 percent. But textile industry has shown strong resistance to this fluctuation in the value.
As textile enterprises had anticipated such hike in RMB, they already increased prices of goods by two percent, which nullified the effect of appreciation.
According to the latest statistics, total import and export value of textiles and clothing in 2006 was US $165.136 billion, a year-on-year increase of 22.66 percent.
During this period, textile exports value reached US $52.254 billion, an increase of 18.84 percent, while garment export value stood at 94.83 billion, an increase of 28.91 percent.
Fibre2fashion.com News Desk-China
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