BEIJING, Dec 10: China’s clothing and textile product exports are expected to top $115 billion in 2005 in spite of a stronger yuan currency and textile rows with the United States and the European Union, a state newspaper said on Saturday.
The International Business Daily based its forecast on customs figures from the year so far, noting that China’s exports of textile products in October exceeded $10bn despite increased export taxes, the yuan appreciation and transportation bottlenecks.
“The stable external demand and production growth maintained a sustainable increase of China’s exports of textile garment products. By inference, China’s annual exports of textile garments this year are expected to be more than $115 billion,” the newspaper said.
Exports of textile garment products in the first 10 months of 2005 had hit $95.1 billion, matching the total exports for all of 2004, it said.
China’s textile exports have been the focus of trade disputes with the United States and the European Union this year. The US and Chinese officials reached a three-year agreement to rein in billions of dollars in China’s clothing and textile shipments to the United States in November.
China re-valued the yuan by 2.1 per cent on July 21 and has allowed it to appreciate by a further 0.4pc since then.—Reuters
