PRZOOM - /newswire/ -
Delhi, New Delhi, India, 2007/11/05 - China’s apparel industry has got a new mantra for success - it is shipping apparel and textile products to various countries and phase out of MFA clause from WTO has eased the process for the country.
China is proving its dominance in every sphere. Almost every industry of the country is running on a treadmill and retail industry is no exception. China, with a well-established garment industry, is one of the important names globally. It is the fifth largest producer and exported of textile and apparel in the world, says “China Apparel Retail Analysis (2007-2008)”, a latest report on the Chinese retail sector with focus on apparel segment by the leading market research consulting services company RNCOS.
The report says that China’s apparel and textile export increased by nearly 25% in 2006 from 2005. As per China Textile Industry Association’s data given in the report, the country exported textile and apparel of worth US$ 32.23 Billion during a short period from January to March 2007. With such impressive export statistics, textile industry is considered a strong pillar of China’s economy.
Also, the report suggests that the gradual elimination of MFA clause from WTO will give China an opportunity to amplify its textile and apparel export, as it’ll remove the quota restrictions globally on some commodities. It will also make the free flow of China’s textile and apparel exports possible without any quantity restrictions.
Chinese apparel and textile industry is not only lucrative for domestic players but it is also wooing the international giants too. Apparel and textile manufacturers from all around the globe are flocking to China to leverage from the market, thus heating up the competition. “China Apparel Retail Analysis (2007-2008)” counts the reasons for this mad rush to China; it says that high disposable incomes, growing brand-consciousness, and high investments in the sector are some of the reasons that are acting as bait for the global manufacturers.
The RNCOS study also highlights the factors that are holding back the industry’s growth, including high global tariffs, increasing inflation pressure, and insufficient professional managers.
The comprehensive report charts out the performance of various segments of the industry, like casual wear, men’s wear, ladies’ wear, children’s wear, woolen clothing, and trousers and leather wear. It presents an overview on China’s apparel and textile clusters and analyzes the consumer behavior and future prospects for the industry.
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.