India benefits from fall in China's textile export to US
Source: CCPIT TEX Date: 2006-08-28
India is one of the major beneficiaries of US restrictions on Chinese textile exports during the first six months of the current year, the Communist giant's top planning body said while cautioning the industry to brace for even less growth in exports in the second half.
For the first time in recent history, China's textile export to the United States in the first six months dwindled by 0.6 per cent from the same period last year mainly due to the export restraints, a report by the National Development and Reform Commission (NDRC) said.
China's textile export to the United States in the first six months amounted to USD 8.23 billion, the report said.
The growth is 76 per cent lower from the same period of last year. It is the first time for China to see its textile export to the United States drop in recent years, it said.
Due to import restrictions, growth of China's textile export to the European Union also witnessed a decline as the total amount valued at USD 9.5 billion, up 10.3 per cent from the same period of last year.
The year-on-year growth is 46.2 per cent down.
While China's export of textile products declined, China's bordering countries such as Vietnam, Pakistan, Cambodia and India saw a sharp rise of their textile exports to the United States, the report said.
India's textile exports to the United States rose by over 18 per cent year on year, the NDRC noted.
Changes in the trade environment have greatly affected China's textile export and such a trend is expanding, the report noted.
