China's apparel exports slow down
PTI[ WEDNESDAY, MAY 25, 2005 05:14:09 PM]
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BEIJING: Global textile giant, China on Wednesday said its apparel exports, a major cause of concern for the US and the European governments, has slowed down during January-April this year.
"Growth of Chinese apparel exports showed downward turn every month in the first four months of this year," the state-run Xinhua news agency reported, quoting latest Chinese customs figures. In the first four months, China's apparel exports increased 15.6 per cent year-on-year to 19.27 billion US dollars, it said.
In the first two months of the year, cloth export registered a growth of 28.1 per cent on yearly basis. The figure further slowed to 15.9 per cent in the first quarter, and 15.6 per cent by the end of April.
Industry analysts said the growth is expected to be further slowed down after China's decision to levy hefty taxes on apparel exports effective from June 1.
China has announced to raise export tariffs on 74 items of textile products, with a 400 per cent hike for most of them, from June 1 in response to import restrictions imposed by the US and action contemplated by the European Union.
The US has decided to re-impose quotas on three types of apparel imports from China, including cotton-knit shirts, cotton trousers, and cotton and man-made fibre underwear.
However, the growth in China's foreign trade jumped 34 per cent in the first four months, much higher than the growth rate of apparel exports, customs figures showed.
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