Growth in textile, clothing exports continues to slow down
China continued to see a slowdown in export growth 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 on Saturday.
Between January and August, China sold abroad $118.94 billion worth of textile products and clothes, a growth of 9.15 percent on the same period of last year.
The textile export value was $43.915 billion, up 22.4 percent, while the clothing export value was $75.025 billion, up 2.6 percent. The growth rates were nine percentage points and 19.7 percentage points, respectively, lower than the year-earlier level.
In August when foreign sales of garments usually peaked, the country exported $12.54 billion worth of garments and accessories, down 0.95 percent 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 percent in mid 2008 to 4.26 percent at the end of 2009.