The European Debt Crisis Has Affected Hong Kong Textile And Garment Factories Reluctantly "White" To Take Orders.

2012/1/1 10:09:00 62

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The impact of the European debt crisis is more and more obvious.

The Hongkong government announced that Hongkong's export value last month was HK $278 billion 600 million, rising by 2% annually, the second worst month in 2011.

Export data in November mostly reflect the progress of Christmas supplement, for the whole year.

Exit

The performance has little effect.

The Hong Kong textile and garment industry is most worried about the lunar new year, and some manufacturers are unable to pay the cost and salaries of mainland Chinese employees.

A spokesman for the Hongkong government said that the value of Hongkong's exports in November was only a modest increase year on year, thanks to Europe.

Economics

On the edge of recession, the export of Asian economies, including Hongkong, has weakened, and intra regional trade links with the global supply chain have also declined.

Textile exporters pointed out that the situation in Europe and the United States is very poor.

Spin

Manufacturers have estimated that buyers in Europe and the United States will ask for a reduction in 2012. However, when the cost is rising rapidly, most manufacturers will insist on reducing the price. Eventually, some orders may be lost to Southeast Asia, which may affect Hongkong's export performance in the first half of 2012.

The Hong Kong textile and garment manufacturers are very helpless because the barely priced orders are only "white". Now more and more manufacturers are refusing to accept low profit orders. Some manufacturers may be forced to accept temporarily because of insufficient orders.