TRALAC - Trade Law Centre

China: Textile Trade Up 20%

Wednesday, 04 January 2006

Source: Just Style

China enjoyed an estimated 20% rise in revenue, profits and exports in 2005 despite trade rows with the US and the EU, according to a report from the China Chamber of Commerce for Import and Export of Textiles cited by Xinhua news agency.

Sales revenue for the year totalled CNY2trn (US$250bn) as profits reached CNY66bn and exports were CNY116bn.

The chamber said the increases had been driven by a ramp up in investment into fixed assets as well as technological innovations.

Sales, revenue, sales value and industrial added value of large-sized Chinese textile businesses grew 26.33%, 26.28% and 24.95% respectively, on a year-on-year basis.

Combined exports to the US and the EU leapt 62.7% during the first ten months of the year, making up 34.09% of all Chinese exports, statistics said.

Both the US and the EU have been acting to protect their industries from Chinese growth following the end of global trade quotas at the start of 2004.