China's textile and apparel exports jumped to US$ 73.5 billion
in the first half of 2007, up 17.47 percent from the same period
last year, the nation's top economic planning agency said on
Wednesday.
Exports reached US$ 16.2 billion in June, an increase of 24.49
percent, according to the National Development and Reform
Commission (NDRC).
The NDRC noted the export value totaled US$ 96.8 billion between
September last year and June this year.
The NDRC has predicted the nation's exports of textiles and
apparel would grow at a slower rate of 16 percent to top US$ 165
billion this year.
The projected increase is 6.6 percentage points lower than the
growth rate of last year, which the NDRC attributed to the surging
prices of raw materials, lower export tax rebate rates, the rising
yuan and trade frictions.
International cotton prices have risen rapidly due to the
expectation of large increases in cotton exports by China and
boosted by the price hikes in other agricultural products, said the
NDRC.
China imported 1.18 million tons of cotton between January and
June, 52.01 percent less than the same period last year, according
to customs statistics.
The NDRC said local textile and clothing exporters would
continue to lose their price advantages as the yuan was expected to
continue to appreciate and squeeze profit margins for
low-added-value textile exporters.
Meanwhile, export rebate rates for footwear and headgear dropped
from 13 to 11 percent, and those for fabrics from seven to five
percent from July 1.
Estimates from the China National Textile and Apparel Council
said a two-percentage-point decline in export rebates normally cost
the industry 4.8 billion yuan in profits (US$ 634.4 million) and
drove down profit margins by 0.26 percentage points.
(Xinhua News Agency July 19 2007)
