China’s exports soar
China's exports of textiles and apparel reached US$18.8 billion in the first quarter of 2004, up almost 25% on last year, fueling fears that it will overrun the market after quota abolition in 2005.
Egytex News Desk
Egytex
The increases came despite a new export drawback policy that is increasing the cost of production and export.
New figures from the European Union (EU) confirm that China is best placed to exploit trade liberalisation, when remaining textile and clothing quotas are abolished next year. According to the EU, China exported more textile products to the expanded EU last year, accounting for 10.7% of imports. Next came Turkey with 9.6%, then India with 7.2%.
A significant worry is the vulnerability of some exporting countries to competition within opened markets because of their high dependence on textile and clothing exports. For example, textiles and clothing account for 95% of Bangladesh exports, says the EU. Laos is 93%, Cambodia 83%, Pakistan 73%, Sri Lanka 71% and Nepal 61%. Textiles and clothing make up just 12% of China exports.
Source: Inteltex.com
From the Egytex news archive, first published on 8 July 2004. Figures and names are as reported at the time.
