“Total Chinese textile exports rose 20 percent to $116 billion last year, the China Chamber of Commerce for Import and Export of Textiles said. It said the share of Chinese textile exports going to the United States and European Union rose to 34 percent, up from 25.7 percent in 2004 .Both the United States and Europe complained that a flood of low-priced Chinese textiles hurt their own producers after a global quota system ended last Jan. 1 .Europe and Washington separately negotiated export caps with China. Surging clothing exports from China had provoked complaints from Carolinas textile executives, trade groups and politicians. At the time of the U.S.-China trade deal in November, they said it will give textile companies breathing room to explore new markets or new products . “China’s textile industry grew about 20 percent overall in 2005, with total sales of 2 trillion yuan ($250 billion) and profits of 66 billion yuan ($8.2 billion), the Chamber said .It said the growth was due to increased investment and innovation by Chinese producers . charlotteobserver.com
Date:1/5/2006
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