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Growth of textile & garment exports to drop further in Q4

19
Nov '08
So far this year, export growth of China's textile and garment has continued to slow down, due to the impact of many factors, such as poor demand in international markets, continued appreciation of the RMB against the U.S. dollar, increased cost of comprehensive elements, raised threshold of processing trade and the tightening of credit lending.

In view of the significant drop in export growth rate of the textile industry, China has increased export tax rebate rates on textiles and garment twice this year, from 11 percent to 13 percent in August, and once again, from 13 percent to 14 percent in November.

According to the latest statistics from the China Textile Industry Council, in the first 9 months this year, China's total exports of textile and apparel reached US $140.28 billion, up 8.03 percent year-on-year, but growth rate fell 12.14 percent from the same time last year.

If the same export amount is converted into equivalent RMB earnings, then textile and apparel exports in the first 9 months would decline 0.77 percent year-on-year, down 16 percentage points from the same period last year. But with the 3 percent increase from the two policy adjustments of export drawback, textile enterprises can expect to reduce overall losses by about 8 billion Yuan this year.

Overall, Chinese textile and apparel exports still have a competitive advantage. But the deceleration trend of exports to main markets, such as the United States, the European Union and Japan cannot be expected to change in the next few months.

Judging from the current operation situation, as well as internal and external environment, the growth rate of textile industry in the fourth quarter is expected to drop further, but the industry can still maintain a certain growth throughout the whole year.

Fibre2fashion News Desk - China


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