China domestic textile and garment market likely grows 20-25% in 2010

January 21 2010

China domestic textile and garment market likely grows 20-25% in 2010

According to statistics, China's domestic clothing consumption averaged an annual growth rate of 14.72 percent from 2001 to 2008, 2009 growth rate is expected to remain more than 15 percent, although exposed to the international financial crisis, clothing consumption becomes a major boost to China's textile industry. Along with the steady and rapid development of China's economy, demand for textiles in automotive, construction, health, energy, aerospace, agriculture industries are also on the rise. 2008 industrial textile volume exceeded 6 million tons, accounting for 17 percent of total textile fiber processing volume in China.

Industry analysts generally agree that, 2010 growth rate of textile and garment industry in domestic market is likely to reach 20-25 percent compared with 2009.

In the first three quarters of 2009, China's GDP grew 8.9 percent year on year. Real growth of total retail sales of social consumer goods was 17.0 percent, accelerating 2.8 percentage points compared with a year earlier, set another all-time high.

In last November alone, total clothing retail sales increased by 25.8 percent compared with the same period of the previous year, 10 percentage points higher than the growth rate of retail sales of social consumer goods as a whole, and 3.1 percentage points higher than the previous month.

Taking into account the huge population base, as well as continued growth of national economy in the future, domestic sales of textile and garment industry will show sustainable growth in the future.

Source: www.ccfgroup.com