Foreign trade official Lu Jianhua says trade hit due to US textile restrictions
01 Aug '05
10 min read
Since the global integration of textile trade in 2005, China's textile export has been experiencing a steady overall increase, which grows even faster to regions originally with quota control. By June 2005, China's textile export reached US$50.35 billion, up by 21% on a year-on-year basis, of which export to the US stood at US$8.34 billion and to the EU US$8.65 billion, up by 76% and 57% respectively.
Under such background, turning a blind eye to the WTO rules and the basic rights of China as a WTO member, some WTO members continuously took restrictive measures against Chinese textile exports. On June 11, China and the EU reached an understanding on the issue of textile trade and smoothed away a trade friction. However, China-US differences on textile trade are still up in the air. What are the latest developments in the US restriction on Chinese textile exports? Is there any progress made during the China-US textile consultations? Director General of the Department of Foreign Trade of MOFCOM answered such questions and more from the press recently.
Ques: Since May, the US successively took restrictive measures or initiated investigations against Chinese textile exports. The US industry lately filed a petition for restrictions on our textile exports. Could you share with me the general picture of China-US textile trade and the latest progress in resolving the trade dispute?
Ans: According to the statistics of the Customs of China, in the first 5 months, China-US textile trade amounted to US$6.58 billion, accounting for 8.5% of total bilateral trade in the same period, which was US$77.7 billion. Statistics show that in the first 4 months, the US imported US$7.5 billion worth of textile products from China, accounting for 12.6% of the country's total import of such products worldwide in the period, which was US$59.6 billion.
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