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Chinese textile and clothing exports fall

Chinese textile and clothing exports fell Chinese textile and clothing exports fell by 7.4 per cent in 2016, with far reaching effects, according to the latest issue of Textile Outlook. As a result, China lost some of its share of world markets. The fall in Chinese textile and clothing exports extended to yarns, fabrics, knitted clothing and woven clothing.

Rising labour costs and production costs in China are mainly to blame for the fall in exports as production shifts increasingly from China to lower cost countries such as Bangladesh, Cambodia, Myanmar and Vietnam. The impact of falling exports has been felt in many sectors of the Chinese textile and clothing industry. It has also been felt in a number of other Asian countries especially those supplying products of higher added value.

Supplies of textiles and clothing from Japan, fell by 14.8 per cent in 2016 to their lowest level in over a decade. Supplies from Hong Kong declined by 16.9per cent while those from South Korea fell by 10.1per cent and supplies from Taiwan were 9.9per cent lower. On the other hand, China continues to dominate its major markets and there are no signs that such dominance will come to an end any time soon. In the US market.

Furthermore, China stands to make increases if the USA continues to adopt a more isolationist and protectionist stance under President Trump. In particular, the decision of the USA to withdraw from the Trans-Pacific Partnership (TPP) free trade agreement may enable China to fill the vacuum and take a more prominent role in international trade. Some authorities believe that China could even replace the USA as the pre-eminent player in global economic affairs.

China is in the process of negotiating a new economic trade area called the Regional Comprehensive Economic Partnership (RCEP). If this comes to fruition, it will cover all ten nations which are members of Asean (Association of Southeast Asian Nations) including Brunei, Cambodia, Indonesia etc.

Chinese textile and clothing producers are also expected to benefit from strong growth in demand among domestic consumers in the next decade. Some projections estimate that clothing sales in China could climb to as much as US$300 billion by 2019.

 
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