China'S Textile Industry Loses Its Cost Advantage
In August 14th, a large Chinese textile factory official said that after the world market price rose substantially, China's textile industry is losing its competitive edge, and some low-end businesses are moving to new manufacturing countries.
Leo Yang, President of Hongkong Central Textile Co., Ltd. said that over the past two years, the rapid expansion of textile investment in many developing countries has led to oversupply. Therefore, the industry is worried about the income and survival of many Asian textile mills.
At present, China's competitive edge is rapidly being pferred to other Asian countries, such as Bangladesh, Vietnam and India, he said. Many textile mills are forced to move from the export market to the domestic market, and now the domestic market accounts for 79% of the output value.
In the past few years, textile production in the United States, Europe and Japan has rapidly and substantially pferred to China, India, Pakistan and Bangladesh.
Hongkong Central Textile Co., Ltd. has three spinning factories and a weaving factory in Hongkong and Mainland China.
Now more than 70% of the world's cotton is digested by Asian countries, and China accounts for 42%.
The annual demand for global denim is 6 billion 500 million yards (5 billion 900 million meters), but the current production capacity is 7 billion 700 million yards.
He said that the number of denim fabrics was 17%, which led to price decline in recent years. Many textile factories in China, Pakistan and India are operating at low profit or even at a loss.
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