BELGIUM: China Monopolising World Textile Trade – Summit
According to data unveiled at the summit - held in Belgium this week - China has achieved a 65 per cent share of the US market in the 25 apparel categories removed from quota control 28 months ago.
This compared to a nine per cent share in 2001, the data showed, and far surpassed the four per cent share held by the next largest supplier, Thailand.
In addition, Chinese exports of apparel from the 25 categories increased by 915 million square metres or 794 per cent since being quota-decontrolled, while prices on such imports from China dropped 48 per cent.
"The figures do not lie," United States-based National Council of Textile Organisations president Cass Johnson said.
"China will quickly monopolise world trade in textiles and apparel unless governments being to act.
"That is why more than 80 trade groups from over 45 countries have signed the Istanbul Declaration."
The Summit on Fair Trade in Textiles and Clothing ran for three days at Brussels' Royal Windsor Hotel and ended on Thursday.
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