CHINA: Textiles industry maintains growth rate but EU, US trade slows
China's textiles industry kept up its growth rate during the first quarter of the year, but increases in exports to the EU and the US fell.
China's total garment exports were up 22.16% in the quarter to US$27.99bn.
Textile exports to the US and EU were $8.37bn, growing 9.7%. This marked a 47% growth rate drop from a year ago. The US and EU have both applied restrictive quotas to Chinese textiles after the end of World Trade Organization tariffs allowed it to further increase its hold over the market.
Exports to Japan, Hong Kong, South Korea and the Association of Southeast Asian Nations, meanwhile, leapt up 28.38%, which was 23.32% better growth than last year.
During 2006, textile output is expected to grow 20% and exports are expected to grow 15%.
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