Growth in China's textile, clothing exports continues to slow down
Monday, 15 September 2008
BEIJING, Sept.14 (Xinhua): China continued to see a slowdown in export of textiles and garments in the first eight months of this year, due largely to weak demand resulting from economic downturn in the euro zone and the United States, the General Administration of Customs said yesterday.
Between January and August, China sold abroad 118.94 billion US dollars worth of textile products and clothes, a growth of 9.15 per cent on the same period of last year.
The textile export value was 43.915 billion US dollars, up 22.4 per cent, while the clothing export value was 75.025 billion dollars, up 2.6 per cent. The growth rates were nine per centage points and 19.7 per centage points, respectively, lower than the year- earlier level.
In August when foreign sales of garments usually peaked, the country exported 12.54 billion US dollars worth of garments and accessories, down 0.95 per cent from the same month of last year.
Wang Rong, an analyst with Lianhe Securities, said the halted appreciation of RMB against the US dollar failed to ease the pessimistic situation of China's export of textiles, particularly garments.
Challenge also came from RMB appreciation against the united currency of the euro zone, which remained the first trade partner of China in the first eight months.
Wang Qianjin, editor in chief of the leading textile information provider Web Textiles, predicted the euro depreciation and economic slowdown in the euro zone would help the growth rate for China's textile exports to the market decrease from 19.96 per cent in mid 2008 to 4.26 per cent at the end of 2009.
Between January and August, China sold abroad 118.94 billion US dollars worth of textile products and clothes, a growth of 9.15 per cent on the same period of last year.
The textile export value was 43.915 billion US dollars, up 22.4 per cent, while the clothing export value was 75.025 billion dollars, up 2.6 per cent. The growth rates were nine per centage points and 19.7 per centage points, respectively, lower than the year- earlier level.
In August when foreign sales of garments usually peaked, the country exported 12.54 billion US dollars worth of garments and accessories, down 0.95 per cent from the same month of last year.
Wang Rong, an analyst with Lianhe Securities, said the halted appreciation of RMB against the US dollar failed to ease the pessimistic situation of China's export of textiles, particularly garments.
Challenge also came from RMB appreciation against the united currency of the euro zone, which remained the first trade partner of China in the first eight months.
Wang Qianjin, editor in chief of the leading textile information provider Web Textiles, predicted the euro depreciation and economic slowdown in the euro zone would help the growth rate for China's textile exports to the market decrease from 19.96 per cent in mid 2008 to 4.26 per cent at the end of 2009.