With the US-China agreement in place recently, industry sources have gone optimistic in predicting textile trade between the two countries.
Media sources quoting representative of China Textile Industry Association said total Chinese textiles exports will reach US$116 billion this year.
This would be a 19.21 percent jump over last year's export volume at $97.3 billion in 2004.
China Customs statistics reveal that during the first 10 months this year, large-scale textile enterprises' sales income and sales output value shot up 26.33 percent and 26.28 percent respectively, compared to same period last year.
In China, during 1990, labor-intensive industries such as the textile industry led production and exports, while most industries, including machinery, steel and the petrochemical industry were dependent on imports, but in 2000 in most industries, including capital-intensive industries, the domestic procurement rate was high and exports were expanding.
With the rise in investments in fixed assets, Chinese exports zoomed as infrastructural and technological advances propelled the country's economy in the last five years.
During the textile quota free era since January 2005, China has captured over fifty percent of the global textile and garment markets and its exports to the US and EU caused heartburns among makers from those countries, besides offering stiff up competition to member countries from the sub-continent and eating in their market shares.
marketing@alchempro.com
