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Textile & clothing exports develop hiccups

13
Oct '08
From January to August 2008, China's export growth of its textile and garment industry was 7.72 percent, but down 11.05 percent compared to 18.77 percent of the whole of 2007.

Relevant data show that single month export growth in the sector has continued to decline since October 2007 considering that export growth rate of August is only 1.68 percent.

Impacted by a drop in demand from its biggest market; United States and weak global economy, apparel exports have evidently declined which has resulted in sharp drop in growth rates across the whole industry.

The main growth engine supporting exports from industry continued to be Europe. In the first eight months, exports to European region grew by 18.79 percent, while exports to other two traditional export markets, the United States and Hong Kong showing obvious signs of recession, depicted a year-on-year decrease of 1.34 percent and 11.66 percent, respectively.

Global economic turmoil caused by U.S. sub-prime crisis will have an impact on industrial demand for some time. The increase in export drawback rates on textile and apparel exports announced in August will have a certain positive impact on the industry, but taking into account the Yuan revaluation against the euro, the future of exports from the industry is still not all that rosy as in 2007 and as in its preceding years.

Fibre2fashion News Desk - China


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