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Credit problems with US clients soar in 2008
09 Jun '08
1 min read
Weakening US economy has become one of the biggest problems for Chinese exporters, especially for textile industry. It has been noted that textile and clothing exports to the US have dropped considerably in past 8 months.
Insiders reveal that situation for exporters has worsened, even further. They explained that since the beginning of 2008 many US importers are making delays in payments, even after requesting longer credit time.
Several US buyers are asking for delay in delivery, so as to save on their warehouse expenses.
Shanshan Group, one of the leading clothing enterprises in China, informed that some of its US clients had requested a delay in delivery time of 2-3 months.
It was reported that Group's exports to the US had slid down continuously from 30,000-50,000 sets of western-style clothes a month in past months. Infact, this year, the shipments to the US had reached all-time low of just 10,000 sets a month.
Experts reflected that the US SMEs are probably facing the most heat.
Statistics show that, in the first season of this year, the sum involving the credit trouble between American and Chinese enterprises skyrocketed 144 percent than the same period of 2007.
Insiders reveal that situation for exporters has worsened, even further. They explained that since the beginning of 2008 many US importers are making delays in payments, even after requesting longer credit time.
Several US buyers are asking for delay in delivery, so as to save on their warehouse expenses.
Shanshan Group, one of the leading clothing enterprises in China, informed that some of its US clients had requested a delay in delivery time of 2-3 months.
It was reported that Group's exports to the US had slid down continuously from 30,000-50,000 sets of western-style clothes a month in past months. Infact, this year, the shipments to the US had reached all-time low of just 10,000 sets a month.
Experts reflected that the US SMEs are probably facing the most heat.
Statistics show that, in the first season of this year, the sum involving the credit trouble between American and Chinese enterprises skyrocketed 144 percent than the same period of 2007.
Fibre2fashion News Desk - China
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