The booming textile market in China-Texglobe

The booming textile market in China

Updated: 2009-9-7 Source: tex365.com

China is one of the world's biggest textile producing  exporting countries. Long period of growth  development has enhanced its competitiveness  established more efficient  comprehensive industrial supply chains to support world demand. China's domestic dem f garments  accessories pushed profits to US$10.8 billion in the first eight months of 2008 with revenues  export hitting US$120 billion in the same period. Domestic dem  export are projected to rise to US$17.5 billion  US$190 billion, respectively.

Prospects f international trade remain bright with the abolition of EU-China textile trade restrictions in 2007  the impending removal of trade barriers under the Sino-US textile agreement in 2008. More than 60% of the global textile market will soon open to China to bring greater opportunities to China textile producers.

In the domestic front, local consumption of textile products remains high. At present, 80% of China's textile products is f the local market. Rapid growth of the domestic economy  higher consumer income are expected to push further the development of China's textile market.

Recent China Government initiatives such as the reinstatement of VAT tax credits  incentives f makers to upgrade  produce higher quality/value added products will help ensure continued growth of the industry  the need f makers to upgrade equipment  materials used in the manufacturing process.