China’s clothing export growth slow down in Jan-Jul
In the first seven months, China’s exports of textiles and garments increased 7.67% year-on-year, a slower rise compared with 24.4% in the same period last year, according to the General Administration of Customs.
The moderate growth was resulted from the rising manufacturing costs and shrinking overseas demand, according to industry observers.
During the period, total export value of textiles and garments was US$100.36 billion, including US$62.49 billion worth of garments and accessories, and US$16.55 billion worth of shoes. Export value of garments and accessories increased 3.4% year-on-year, while the shoes exports value rose 16.5%.
In order to support over 60,000 smaller textile enterprises which are on the edge of bankruptcy, China has raised the tax rebate to 13% for textile and clothing exports.
China’s garment export growth reached a record-low of 1.08% in May this year, with monthly export value of US$8.59 billion.
Tags: export, Textile