Appreciation of the yuan, less plentiful cotton raw material and rising wages are all factors in a Chinese textile industry slump. The General Administration of Customs of China reported that textile and garment exports fell 11 percent in the first half of 2008, and China posted negative growth in U.S. exports for the first time in more than a decade. Sri Lanka and Bangladesh textile sectors continue to struggle with an economic downturn, labor unrest and rising food prices. “China’s pain is India’s gain,” says D.K. Nair, chairman of the Confederation of Indian Textile Industries (CITI), but warns that rising costs of raw material and energy will check big gains for India’s textile sector.
China’s textile industry struggles
Industry News | October 1, 2008 | By: ATA
You might also like...
EU pauses countermeasures on U.S. tariffs for 90 days
SBA announces Made in America Manufacturing Initiative
President Trump pauses most tariffs for 90 days, increases tariffs on Chinese imports
Tariffs on imports to the U.S. begin, affecting multiple countries
President Trump imposes 25% tariff on automobile imports beginning April 3
European Commission delays tariffs on U.S. goods until mid-April