In the first six months of the year, textile and garment exports reached US $73.53 billion, an increase of 17.3 percent over previous year.
Within this total amount, textile exports scored $25.22 billion, a growth of 9.8 percent. Garment exports realized $48.31 billion, a surge of 21.7 percent, while in the second half of the year, the industry expects the growth-rate to decline.
Experts predict that total revenue by profits and export growth of the industry in the second half is likely to be lower than that in the first six months of the year. The annual industry sales revenue and total profits will increase by about 20-30 percent over last year, export growth is expected to be about 12 percent to 15 percent, and industry investment growth is expected to be around 25 percent.
Furthermore, with garment export tax rebate rate being cut by 2 percent from July 1 onwards, many Guangdong enterprises dealing in textile and garment exports say that they will face different losses from already signed contracts, therefore will increase prices to reduce costs.
ALCHEMPro News Desk- China
marketing@alchempro.com
