China's textile industry forecast to have double-digit growth
(Xinhua)Updated: 2007-03-25 11:54
The sector's exports amounted to 147.1 billion yuan worth last year, a
year-on-year rise of 25.1 percent. The export volume included 52.3 billion U.S.
dollars of textiles, up 18.8 percent, and 94.8 billion U.S. dollars of clothing,
up 28.9 percent.
Influenced by the export quotas imposed by the European
Union and the United States, Chinese textiles and clothing exports to these
regions dropped markedly last year.
Exports to the European Union
totaled 23 billion U.S. dollars in 2006, up 21.7 percent year-on-year, but the
growth rate was 33.6 percentage points lower than the previous year. Exports to
the United States hit 23.1 billion U.S. dollars last year, up 18.1 percent
year-on-year, but the increase rate was 48 percentage points lower than the
previous year.
Increases were recorded in exports to other countries and
regions which did not impose quotas on Chinese textiles and clothing, according
to experts.
The study says Chinese textile enterprises will face more
pressures in export trade in 2007. The pressures would result from revalued
Renminbi, cuts in the export tax rebate and export quotas imposed by the
European Union and the United States.
Shortage of cotton supply, imports
of raw materials, lack of labor force and higher requirements for environmental
protection will also pose challenges to the development of China's textile
industry, according to the study.
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