Exports Of Clothing In Guangdong Decreased By 22% In August.

China News Agency, Jiangmen, September, twenty-three (Chen Haoguang, Su Cai Hua Lin Qi Yun) today, the reporter learned from Jiangmen customs that in August of this year, exports of textiles and garments (including garments and accessories, textile yarns, fabrics and products) in Guangdong amounted to twenty-one billion and five hundred million US dollars, down twenty-two percent from the same period last year.

According to the industry, the cost of textile and garment industry has been increasing due to the influence of RMB appreciation, energy and labor cost rising. Especially in the three years of foreign exchange reform, the cost of the export of Chinese textile and garment industry in the US dollar has increased by about sixty percent, leading to the dilemma that some enterprises are facing when they face the bill: a lot of small profit orders can be lost if they are not connected.

In order to slow down the cost pressure of cotton spinning enterprises, the Ministry of Finance and the State Administration of Taxation jointly issued a notice in July 30th following the temporary reduction of cotton sliding tax in June. Since August 1st, the export tax rebate rate of some textiles and clothing has increased from eleven percent to thirteen percent.

In particular, the global financial turmoil triggered by the subprime mortgage crisis has led to a reduction in demand for Chinese textiles in the United States, Japan and the European Union.