Chinese apparel export growth rate on the decline

The growth rate of Chinese textile and garment exports has been declining throughout the year as production costs rise and global demand drops, according to a report Wednesday in the China Daily.

Between January and July, China exported $100.4 billion worth of textiles and garments, up 7.7 percent, but well down from the 24.4 percent growth rate for the same period last year, the report said.

China recently increased the export rebate level for several categories of textiles and garments from 11 percent to 13 percent in a bid to aid beleaguered exporters. Also sure to help is the strengthening dollar, which has risen in value against the Chinese yuan for 11 straight days as of Tuesday. That's the longest consecutive stretch of appreciation for the dollar since the Chinese currency was officially unpegged from the dollar in July 2005. 

Source: American Shipper