The fears of adverse impact of Sino-American trade war notwithstanding, China’s textile and garment exports rose by 2.8 per cent year-on-year (y-o-y) to US $ 23.8 billion in May.
This was informed by China’s Ministry of Industry and Information Technology (MIIT), recently.
The MIT, citing data from the General Administration of Customs, maintained that while China’s garment exports rose 1.7 per cent to US $ 12.2 billion from the same period last year, export of textiles stood at US $ 11.6 billion, up 3.9 per cent.
However, for the January-May period, even though textile exports grew, garment exports took a hit.
The ministry further underlined that China’s export of textiles was US $ 48.3 billion during the January-May period, up 1.5 per cent compared to a year ago, while that of garments witnessed a 5.5 per cent decline to US $ 51.3 billion.
Some analysts also pointed out that China’s growth in May exports was due to the rush to export before new US deadlines to impose new tariffs on US $ 200 billion of Chinese goods. Fearing the same, the exporters cleared the inventories on the urgent basis so that they won’t have to pay taxes.
In the first five months of the year, textile and garment exports dropped by 2.2 per cent y-o-y to US $ 99.6 billion, the MIIT said.