TAIWAN: Asian Competition Puts Brakes On Taiwan's Textile Exports
Taiwan exported US$1.46bn worth of textile products in July, up 8.1 per cent on year, far slower than July's 36.5 per cent growth for all exports, according to the Ministry of Finance. Growth in textile exports has slowed due mainly to fiercer price competition from China and Southeast Asian countries, said Tsai Jin-shy, a director at the federation. Taiwan's textile exports were up 13 per cent in the first half of the year. The federation is a government-supported organization authorised by the Ministry of Economic Affairs to oversee and negotiate Taiwan's textile export quotas with trading partners. It also helps companies in research and development and product promotion overseas. "Mainland China and Southeast Asia cut prices in July," said Tsai. He added that the weakness in Southeast Asian currencies also put Taiwan textile products at a disadvantage. Taiwan imported US$234.4m of textile products in July, down 5.8 per cent on-year, compared with July's 41.9 per cent growth in total imports, according to the Ministry of Finance. Tsai said he needed more information to help explain the decline, but added it might be attributed to the slowdown in exports, which could in turn contribute to decline in imports of yarns and fibres.
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