Strong competitions in the first public bid for China's textile quota to the US next year have pushed bid prices ten times above the minimum bid prices set by the Government.
If the minimum bid price for men's woolen trousers was 12 yuan (US $1.5) per dozen, the bid opening price started at 192 yuan per dozen that is 15 times over the minimum bid price, according to sources.
Cotton trousers were bidden at the minimum price of 8 yuan per dozen, while opening price was 102.
The cost to export companies significantly increased due to bids opening at higher prices, but some textile businessmen said if they obtained export quotas then US dealers would pay for the cost them.
Last week, almost 30,000 qualified textile enterprises in China participated in the bidding for export quotas on 21 textile products to the United States, for next year.
