Shanghai Daily, China
CHINA continued to see a slowdown in textiles and garments exports in the first eight months of the year, the General Administration of Customs said yesterday.
The trend this year was due largely to weak demand resulting from economic downturn in the euro zone and the United States.
Between January and August, China sold abroad US$118.94 billion worth of textile products and clothes, a growth of 9.15 percent on the same period of last year.
The textile export value was US$43.915 billion, up 22.4 percent, while the clothing export value was US$75.025 billion, up 2.6 percent.
The growth rates were respectively nine percentage points and 19.7 percentage points lower than the year-earlier level.
In August, when foreign sales of garments usually peaked, the country exported US$12.54 billion worth of garments and accessories, down 0.95 percent from the same month last year. Wang Rong, an analyst with Lianhe Securities, said the reduced appreciation of the yuan against the US dollar failed to ease the pessimistic situation.Challenge also came from yuan appreciation against the united currency of the euro zone
