Latest statistics show that from January to October 2007, the total textile and garment exports from above-scale enterprises reached around US $141 billion, with a growth of 20.04 percent over the same time last year. Export price for textiles and garment gained 8.12 percent year-on-year.
The profits earned by these companies were over 71 billion yuan, up 37.79 percent, 4.42 percent higher in growth rate compared to same period previous year. The loss cover rate also declined 0.65 percent from the same time last year. Now the industry is both stable and healthy.
However, export growth of total merchandise shows a downward trend and exports of textiles and garments also have been on the decline.
China and the EU reached a new textile trade agreement to replace the existing quota system. However, it does not mean full liberalization of exports to the EU. It is expected that country's exports to the EU in 2008 will steadily increase in quantity and will distribute it to other markets as well.
Fibre2fashion News Desk - China
marketing@alchempro.com
