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Textile industry booms despite trade disputes
(Xinhua)
Updated: 2006-01-05 10:49 Despite increasing
international trade disputes and the appreciation China's currency in 2005, the
country's textile industry recorded healthy increases, the China Chamber of
Commerce for Import and Export of Textiles said Wednesday.
According to the chamber's estimate, sales revenues, profits and exports all
increased 20 percent year on year. Sales revenue totaled 2 trillion yuan (250
billion U.S. dollars), profits were 66 billion yuan, while exports reached 116
billion U.S. dollars in2005.
China's textile export in 2004 totaled 97.3 billion US dollars, according to
figures from Chinese customs.
The chamber attributed the textile output and export growth mainly to
increased investment in fixed assets and technological innovation that have
enhanced the competitiveness of Chinese companies.
Official statistics show in the first ten months of 2005, sales revenue and
sales value and industrial added-value of large-sized Chinese textile
enterprises grew 26.33, 26.28 and 24.95 percent year on year respectively. This
is a growth rate that was higher than the same period of 2004.
Due to oil price hikes, profits in China's chemical fiber sector of the
textile industry dropped about 30 percent. If this decline were not included in
the industry's calculations the chamber believes profit growth registered 30
percent in most other sectors.
Thanks to the elimination of global textile quota, China's textile exports to
the United States and European Union jumped 62.7 percent in the first ten months
of 2005, and accounted for 34.09 percent of all of China's textile exports. The
ratio in 2004 stood at 25.72 percent.
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