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Intl trade crunch hits Dongguan exports
01 Sep '08
1 min read
According to the latest data from Huangpu Customs, during January to July 2008 period, total exports of traditional commodities from Dongguan City reached US $7.45 billion, marking a rise of only 4.7 percent over the same time last year, significantly lower than the growth-rate of 21 percent in 2007.
Textile yarn exports among other products showed negative growth with a year-on-year fall of 6.3 percent.
In addition, clothing, furniture, luggage, and other traditional staple export commodities still indicated growth potential, but growth rate dropped significantly. Growth rate of footwear exports decreased from 19.1 percent in the same period last year to 17.6 percent in 2008.
Experts say that subprime crisis in the US is affecting countries all over the world. Consumer demand of overseas residents has weakened, leading to a sharp decline in orders received by Dongguan industries.
However, trade picked up in July with city's import and export value touching $10.72 billion in this one month, registering a surge of 18 percent as compared to same period of 2007.
Textile yarn exports among other products showed negative growth with a year-on-year fall of 6.3 percent.
In addition, clothing, furniture, luggage, and other traditional staple export commodities still indicated growth potential, but growth rate dropped significantly. Growth rate of footwear exports decreased from 19.1 percent in the same period last year to 17.6 percent in 2008.
Experts say that subprime crisis in the US is affecting countries all over the world. Consumer demand of overseas residents has weakened, leading to a sharp decline in orders received by Dongguan industries.
However, trade picked up in July with city's import and export value touching $10.72 billion in this one month, registering a surge of 18 percent as compared to same period of 2007.
Fibre2fashion News Desk - China
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