Nation's textile exports jump in 2005
Source: CCPIT TEX from AP Date: 2006-02-06
China's textile exports to the United States and Europe jumped 62.7 percent in the first 10 months of 2005 following the end of a global quota system, the government said Wednesday.
A Chinese man walks in a textile store in Shanghai January 1, 2006. The Sino-US textile agreement will take effect as of January 1, 2006, imposing quotas on a total of 21 types of clothing and textiles from China by 2008, the Xinhua news agency reported. [newsphoto]
Total Chinese textile exports rose 20 percent to $116 billion last year, the China Chamber of Commerce for Import and Export of Textiles said.
It said the share of Chinese textile exports going to the United States and European Union rose to 34 percent, up from 25.7 percent in 2004.
Both the United States and Europe complained that a flood of low-priced Chinese textiles hurt their own producers after a global quota system ended last Jan. 1.
Europe negotiated export caps with China, while Washington imposed unilateral temporary restraints.
China's textile industry grew about 20 percent overall in 2005, with total sales of 2 trillion yuan ($250 billion) and profits of 66 billion yuan ($8.2 billion), the Chamber said.
It said the growth was due to increased investment and innovation by Chinese producers.
