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Textile exports to grow 15 to 20%

By Diao Ying (皇冠体育app Daily)
Updated: 2007-01-31 09:04

Exports of Chinese textiles will grow 15 to 20 percent in 2007, although a strongerrenminbiand rising raw material costs may pose challenges to the industry.

So said Sun Jiwen, deputy director of the Foreign Trade Department of theMinistry of Commerce, in a speech yesterday to the 皇冠体育app Textile Round Table Forum inBeijing.

Exports of Chinese textiles will grow 15 to 20 percent in 2007, although a stronger renminbi and rising raw material costs may pose challenges to the industry. [newsphoto]

The textile industry exported goods valued at $174 billion in 2006, an increase of 25 percent over the previous year.

The sector will continue double-digit growth as the world economy remains stable and domestic income rises, according to Sun.

Growing per capita income helps the industry as "domestic demand is always the most important source for growth in the textile industry", he said.

But the sector may face challenges in the years to come, he noted. An appreciation in 皇冠体育app's currency, especially over a short period, would erode already low profit margins.