Growth in China's textile exports to slow down (Xinhua) Updated: 2006-03-14 10:52
The growth rate of China's textile exports is expected to fall from last
year's 20.7 percent increase to around 15 percent this year, according to the
National Development and Reform Commission (NDRC).
NDRC predicts the
total industrial output value of the nation's key textile enterprises will grow
by about 20 percent in 2006, a decrease of 6 percentage points from the growth
rate in 2005, Monday's Shanghai Securities News said.
The report
attributed the lower growth rate to the export limits imposed on China's cotton
products by European countries and the United States.
In 2005, China's
textile industry grew rapidly thanks to the end of the global quota system.
China's cotton yarn output rose 23.6 percent year-on-year, while cotton product
export grew 31.7 percent year-on-year. The industry made 16 billion yuan (2
billion U.S. dollars) in profits, an increase of 77 percent.
The
industry's fixed asset investment rose 35 percent year-on-year to reach 159.7
billion yuan (20 billion dollars). The industry also experienced a shortage of
cotton supplies and tough competition on the domestic market.
Statistics
show that China produced 5.7 million tons of cotton products in 2005, but its
demand for raw cotton is expected to surpass 10 million tons in
2006.
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