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BEIJING, Jan 9 (CEIS): Despite increasing international trade disputes and the appreciation China's currency in 2005, the country's textile industry recorded healthy increases, the China Chamber of Commerce for Import and Export of Textiles said.
According to the chamber's estimate, sales revenues, profits and exports all increased 20 per cent year on year. Sales revenue totaled 2 trillion yuan (250 billion US dollars), profits were 66 billion yuan, while exports reached 116 billion US dollars in 2005.
China's textile export in 2004 totaled 97.3 billion US dollars, according to figures from Chinese customs.
The chamber attributed the textile output and export growth mainly to increased investment in fixed assets and technological innovation that have enhanced the competitiveness of Chinese companies. Official statistics show in the first ten months of 2005, sales revenue and sales value and industrial added-value of large-sized Chinese textile enterprises grew 26.33, 26.28 and 24.95 per cent year on year respectively. This is a growth rate that was higher than the same period of 2004.
Thanks to the elimination of global textile quota, China's textile exports to the United States and European Union jumped 62.7 per cent in the first ten months of 2005, and accounted for 34.09 per cent of all of China's textile exports. The ratio in 2004 stood at 25.72 per cent.
Another report said: the Sino-US textile agreement will take effect as of Jan 1, 2006, imposing quotas on a total of 21 types of clothing and textiles from China by 2008.
After seven rounds of talks, the United States and China in November, 2005 signed a three-year agreement on textile trade, imposing quotas on Chinese textile products but clearing a major obstacle to bilateral trade.
A total of 21 types of clothing and textiles have been placed under the import restrictions, including cotton trousers. The agreement provides for a progressive increase in imports of major textiles and apparel products from China-by 10 to 15 per cent in 2006, 12.5 to 16 per cent in 2007, and 15 to 17 per cent in 2008.
Meanwhile some ten kinds of Chinese textile and apparel products exported to the European Union have also been put under quota restrictions, according to an agreement reached by the two sides in June 2005.
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