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Chinas Textile and Garment Industry Is in Deep Trouble

Chinas Textile and Garment Industry Is in Deep Trouble

Under the impact of the Sino-US trade war, Chinas economy has continued to decline. Domestic demand is weak, foreign trade is stagnant, and Chinas textile and garment industry is in deep trouble after a wave of production closures.

According to official statistics released by China Customs on June 10, Chinas total import and export value in the first five months was $1.79 trillion, down 1.6 percent from last year. Chinas exports to the United States declined by 8.4 percent year-on-year, and imports fell even more, declining 29.6 percent year-on-year. In May alone, Chinas total import and export value was $386.03 billion, falling 3.4 percent. Within this, exports increased by 1.1 percent compared with the same period last year while imports fell by 8.5 percent.

Source: theepochtimes.com


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Last Update 2019-06-25
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