Three Spotlights for China Textile Industry in 2010
Source: CTEI Date: 2010-02-23
Firstly, continuity in the demand for the Chinese textile covering in the U.S. market is keeping the hopes of Chinese exporters alive that after the recession. U.S. retail sales should rise 2.5 percent this year, signaling that store chains have made it through the worst of the downturn as improvements in the housing and job markets bolster shoppers'confidence, a trade group forecast on Jan. 26. The 2010 forecast from the U.S. National Retail Federation marks an expected improvement from a 2.5 percent drop in 2009 and a 1.3 percent increase in 2008. Major retail shares tracked by the Standard & Poor's Retail Index .RLX rose 1.1 percent in early trading. Data released by the Conference Board on Jan. 26. also showed U.S. consumer confidence rose for the third straight month in January to the highest since September 2008.
Next, the financial crisis won't have too much impact on Chinese consuming market. The upper class may have been affected by the economic downturn, but most people from middle class are not badly hit. Chinese consumers are still willing to spend. During next year's economic work, the government would improve policies to spur consumption and ensure investment grow at a reasonable pace. Industry analysts generally agree that, 2010 growth rate of textile and garment industry in domestic market is likely to reach 20-25 percent compared with 2009.
Moreover, good times are ahead for chemical fiber industry, which ranked first in the growth of profit per capita in the January-November 2009 period. Things that we need to mention here is that rayon and spandex, which will most certainly attract the attention of buyers in 2010.
