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RMB revaluation to affect textile sector profits

Mar '07
A spokesman for China Textile Industry Association, Sun Huaibin said on Friday, China's textile industry output and export are expected to grow about 20 percent in 2007, above-scale enterprises will realize a profit of more than 100 billion yuan.

At the meeting of Economic situation of textile industry, he pointed out that while textile industry maintains stable development, it still faces a number of constraints, such as the increasing cost of raw materials, the export and earning pressure by continued RMB appreciation and tough export environment due to trade frictions.

“Every one percentage of RMB revaluation will cause textile industry to reduce 7.2 billion yuan of industrial profits,” he said at the meeting.

According to the press release by the Association, there were new changes in textile and apparel export frame last year. General trade export growth rate was 29.3 percent, accounting for 72 percent of the total and the average export price increased 10.14 percent.

Exports to EU and US, which were originally quantity-restricted markets, rose by 19.9 percent. Growth rate dropped 40 percent from the same period of the previous year. Exports to non-restricted markets increased by 27.7 percent, up about 20 percent.

Figures released by the National Statistics Bureau showed that sales volume and sales revenue growth of nationwide above-scale textile enterprises were 21.6 percent and 21.3 percent, respectively, in 2006. Total textile and apparel exports marked US $147.09 billion, a year-on-year increase of 25.1 percent.

Fibre2fashion, News Desk - China

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