Feedback Here

fbook  tweeter  linkin YouTube
Global contents also translated in Chinese

Chinese textiles and apparel exports to the US face hurdles

China's expansion in the US textile and apparel makers does not seem very promising as the country is selling into an economy whose GDP growth has slowed down. As Lei Shengzu, Manager of China Textiles (Shenzhen) feels the outlook for the US textile and apparel market remains clouded as fewer people are buying clothes in the US unlike before. Buying power and consuming habits of US customers have changed over the years especially since the start of the slowdown in 2007.

As per the US Census Bureau, last year, the US imported $467 billion worth of goods from China, compared to $440 billion in 2013. However, through May 2015, imports from China have averaged $37.1 billion a month, which would project to a yearly total of $445 billion.

From 2000 to 2009, textile and apparel imports from China flattened. The total textile and apparel imports were $41.8 billion last year, compared to $41.7 billion in 2013, a rise of only 1.49 per cent, as per the Office of Textiles and Apparel (OTEXA) in the US Department of Commerce. In the first quarter of 2015, consumer spending was tepid, which was also a key factor in slowing the economic growth.

According to Commerce Department data released in May, the US GDP contracted at a 0.7 per cent seasonally adjusted annual rate in the first quarter, from an initial estimate of 0.2 per cent. Moreover, the US Federal Reserve forecasts a growth of 2.5 per cent for the next two years.

 
LATEST TOP NEWS
 


 
MOST POPULAR NEWS
VF Logo