China's Textile Industry Analysis

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2.2 Development status of China’s textile product
For a long time, China is the largest producer and exporter of textiles, and as an important export-earning industry in China’s national economy, the textile industry plays an important role in increasing domestic foreign exchange reserves and accumulating development funds (Zheng and Yi, 2007). Under the situation of RMB appreciation, it has a profound impact on the sustained growth of the domestic economy and the adjustment of economic structure. The Eurozone is also China’s largest textile export trade zone. As China’s textile industry products are mostly inexpensive, low quality, strong substitutability, and low value-added. China’s textile industry is not only more dependent on exports, …show more content…

World textile trade returned to the principle of free trade, which allows the comparative advantage of countries including developed countries to be released. The world and China’s textile exports, including fiber, textiles, garments and footwear products export growth, and China’s growth is greater. China’s textile exports have increased 4 times-fold since China’s accession to the WTO in 2001. The total exports of textiles have been raised from $53.4 billion to $268.6 billion in …show more content…

According to the statistical result of January 2015 from China Chamber of Commerce for Import and Export of Textile and Apparel, China’s textile and apparel exports reached 25.5 billion U.S. dollars, down 10.75% year-on-year, the extent of the decline exceeded the overall export of foreign trade average of 7.5%. Among them, all the three major traditional markets in Europe, American and, Japan have been reduced. For Japan, exports fell most and exported 1.8 billion U.S. dollars, down 26.67% year-on-year. Exports to the U.S. had the smallest decline and exported 4 billion U.S. dollars, a smaller decline of 2.65% year-on-year. Exports to the European Union also fell by more than double digits, exported 5.2 billion dollars, down 11.23% from a year earlier. China’s textile clothing in the first month of the major traditional market decline in depth, indicating that the 2015 China’s textile and apparel exports faced the situation is not optimistic. Growth may continue to slow down in the

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