Domestic Apparel Sector Declines in First Half 2007 in the First Half
Source: Globecot Date: 2007-08-20
Hong Kong’s domestic production of apparel has sharply declined during the first six months of 2007. January through June domestically produced apparel exports only totaled 15.367 billion Hong Kong dollars, which reflected a 43.4 percent year-on-year decline and a new record low. The boost the industry received from companies wishing to use Hong Kong in order to avoid quotas on Chinese imports has ended. January through June 2007 imports were weaker than January through June 2005 export volume. Exports increased during July 2005 and July 2006, but both exports and imports have declined since that time. This weakness has been evident across all product categories.
The U.S. has remained the top export market, taking 6.049 billion Hong Kong dollars worth of shipments, which is down 41.2 percent from the previous year. China is the second largest market, taking 4.501 million Hong Kong dollars worth of shipments. The other tops markets are the United Kingdom, Germany, Taiwan, Mexico, Spain and the Netherlands.
