China’s Ministry of Industry and Information Technology has said that textile and garment exports from the country dropped last year, primarily due to exchange rate fluctuations. The steep decline in Yen and Euro adversely affected China’s textile and garment exports, as Japan and Europe have been its main markets.
The report states that exports to the European Union fetched US $ 44.86 billion, marking a 10.6 per cent year-on-year dip in exports. Similarly, exports to Japan reached US $ 18.8 billion, dropping 12 per cent, and to ASEAN countries noted US $ 29.03 billion, diving 1.7 per cent.
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As per the data provided, in November last year, China’s earnings from retail sales of apparels plunged 5 per cent year-on-year. However, in January to November period, the country witnessed an increase of 34.5 per cent in online sales, reaching Yuan 3.45 trillion year-on-year. Besides, in the period under review, the added value of Chinese textile industry zoomed 6.4 per cent year-on-year, however, the declining quality of domestic cotton has forced textile mills of the country to import cotton from neighbouring countries like India and Pakistan.
