China textile exports decline 5pc in 2015 - first fall in 6 years
Time：2016-04-19
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The drop was blamed on a lack of demand in importing nations worldwide as well rising costs in China. The yuan`s year-on-year appreciation was a negative factor as well.
Textile exports had been growing for years, except in 2009, in the wake of the global financial crisis. In the first two months of this year, the country`s textile exports dropped 16 per cent on the year.
The decline is partly due to a slowdown in Europe and Southeast Asia`s sluggish growth. Textile exports to Europe, the country`s largest export destination, were down nine per cent in 2015.
China`s soaring labour costs also played a role. Wages in China have doubled over the past five years with Shanghai factory wages rising three times higher than those in Hanoi.
"China`s textile production, mainly the labour-intensive garment industry, is beginning to shrink," an executive of a major textile maker said.
A major Japanese apparel maker has built a plant in Myanmar to reduce imports from China. "With productive workers, we have become able to set prices strategically," a company representative said.