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China's textile exports to USA soar as quotas are lifted. There are plently of jobs to do in Iraq for Americans, and plently of quality clothes at good prices at home.|
Textile, clothing exports from China soar as export quotas lifted
Thu Mar 10,12:50 PM ET Top Stories - AFP
BEIJING (AFP) - China's exports of textile and clothing soared, especially to its biggest market the United States, in January, the first month since decades-long quotas were lifted, figures indicated.
Customs statistics showed exports of such products to the United States jumped 65.26 percent in January, compared to the same month last year, according to the China Textile Economy Information Website, run by the China Textile Industry Association.
Exports to the European Union (news - web sites), another major market for China, were not immediately available but figures for Germany showed Chinese exports to that country also rising sharply by 46.39 percent in January, the website said.
Germany was China's fourth largest market in January.
China is the EU's leading textile supplier, accounting for 17.5 percent of all its textile imports in 2003.
In terms of the value of the exports, products sold to the US market amounted to 1.4 billion US dollars in January -- 17 percent of China's total textile and clothing exports that month -- while those to Germany reached 1.5 billion US dollars, four percent of China's total.
The quotas which governed the apparel trade were lifted on January 1, according to the 1995 Agreement on Textiles and Clothing.
As such, trade in textile and clothing products cannot be subject to any quantitative restrictions.
China and India are expected to be the biggest beneficiaries of the move as their competitiveness was predicted to cause large scale factory shutdowns and joblosses for other exporting countries, such as Bangladesh.
China, the world's largest exporter of clothing with a 28 percent share of the market, is expected to be the main winner from the disappearance of quotas.
Total Chinese exports of textiles and apparels in January rose 28.77 percent year-on-year to 8.41 billion US dollars -- a less dramatic rise compared to country-specific figures, but still significant, the website said.
The United States overtook Hong Kong and Japan to become the biggest buyer of Chinese textiles and apparels in January, it said.
Besides the United States, other countries that saw major increases in Chinese textile and apparel included EU countries, Turkey and Canada, the website said.
Exports to Turkey increased 78.9 percent; those to Japan increased 11.9 percent; and products to Hong Kong increased 18.26 percent.
Figures for other countries were not available on the website.
The top 10 markets for such Chinese exports in January include the United States, Japan, Hong Kong, Germany, South Korea (news - web sites), Russia, Italy, Australia, Britain and the United Arab Emirates.
These countries comprised 65 percent of China's total exports in textiles and apparels in January.