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Textile exports follow trends of clothing shipments
30 Aug '08
4 min read
Hong Kong clothing companies have built a reputation for reliability. They are able to deliver quality clothing articles in short lead times, as foreign importers and retailers became more and more demanding to tighten up supply chain management to ensure that the ordered merchandise reaches the store floor at the right time.
But after the elimination of quotas in 2005, China signed individual agreements with the US and EU for continuation of quotas on a select number of categories. Along with the above agreements, tariffs on exports of all products of Hong Kong origin including that of textiles and garments were removed from January 1, 2006.
To take advantage of the quota agreement of China with the US and EU and also due to the high cost of conducting their manufacturing operations in the administrative territory, a lot of business shifted to the mainland, which has ultimately led to the sluggish growth in exports of both; textiles and clothing.
Click here to view detailed statistics
But after the elimination of quotas in 2005, China signed individual agreements with the US and EU for continuation of quotas on a select number of categories. Along with the above agreements, tariffs on exports of all products of Hong Kong origin including that of textiles and garments were removed from January 1, 2006.
To take advantage of the quota agreement of China with the US and EU and also due to the high cost of conducting their manufacturing operations in the administrative territory, a lot of business shifted to the mainland, which has ultimately led to the sluggish growth in exports of both; textiles and clothing.
Click here to view detailed statistics
Fibre2fashion News Desk - India
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