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China's textile export growth slows

By Zhao Tingting (chinadaily.com.cn)
Updated: 2008-09-03 11:30

The export delivery value of the Chinese textile industry totaled 435.2 billion yuan ($63.56 billion) in the first seven months of this year, up 7.9 percent year-on-year, said the National Development and Reform Commission on Tuesday.

Yet the growth rate was eight percentage points lower than the previous year.

Industry experts attributed the decline to the appreciation of the yuan and the weakening demand of major consumption countries, according to Shanghai Securities News.

Garment exports to the United States, one of the major importers of Chinese garments, for example, increased only six percent in June.

The downtrend of Chinese textile exports will last in the short run, said Shanghai Securities News, quoting industry experts. It depends on the trend of the appreciation of the yuan and the US consumption demand.

The Ministry of Finance increased tax rebate rates on some textile and clothing exports from 11 percent to 13 percent from August 1. Experts believed that the policy would be a great impetus to textile exports in August and many textile and garment companies have postponed their export orders to enjoy more preferential rate.

During the January-July period, China produced 12.2 million tons of yarn, 31.8 billion meters of fabric, 14.02 million tons of chemical fiber and 11.5 garments, up 10.8 percent, 6.7 percent, 4.8 percent and 6.2 percent year-on-year respectively, the commission said.