According to the latest customs statistics, in the first ten months this year, exports of China's textile and apparel and related products exceeded the level of 2005, close to the level of the full year of 2006. Although growth of October exports showed a drop from the previous month, it still gained by 20.5 percent on year-on-year basis. Annual export volume in 2007 is expected to exceed US $170 billion.
In the first ten months this year, China's textiles and garment exports in general trade accounted for more than seven tenths of the total exports, up 21.6 percent on year.
But since early this year, imports in general trade increased rapidly. In the first ten months, total increase of textile and apparel imports was nine percent over the increase of exports, especially apparel products.
With the acceleration of industrial upgrading and restructuring of China's textile industry, China's textile and apparel imports in general trade is expected to further increase. While meeting the market demand, first-class foreign brands could also promote China's fashion design and processing, enhancing country's export of clothing grade as a major motivation.
In addition, after a long time of growth in Europe and the US, China's textile and apparel exports have experienced gradual stability since the second half of 2007, with an obvious slowdown in growth. In China export markets, the EU and the US are still the top two in rankings, accounting for about 31 percent of China's total textile and apparel exports.
Fibre2fashion, News Desk - China
marketing@alchempro.com
