Garment is one of the industries with highest degree of globalization. China's garment industry has seen an increasingly higher export dependence rate. Before 2003, such rate stayed around 96% but now the rate has reached 98%. Following that textiles and garments were included in global integration this year, the conclusion of quota system is destined to change the global structure of the textile and garment industry. At present, a series of factors, including world economic trend, international price, trade friction and RMB appreciation, are affecting the overall trend of China's garment industry.
According to statistics from the National Bureau of Statistics, China's garment enterprises above the designated scale produced 7.714 billion pieces of garments in the first seven months of this year, increasing 19.41% over a year earlier. Output of woven garments rose 20.54% year on year and that of knitted garments grew 18.31%.
Customs statistics also show that China's garment export has seen rapid growth in recent years. In particular, since 2003, growth rate of foreign exchange earnings has been higher than that of export volume. In the January-July period this year, China exported 11.915 billion pieces of garments, increasing 3.96% over the same period last year, while the foreign exchange earnings rose 20.94%.
