Growth in Textile Sector at 123rd Canton Fair Signals Rising Opportunities for Industry
GUANGZHOU, China, May 23, 2018 /PRNewswire/ — The 123rd China Import and Export Fair (Canton Fair) has come to an end with Chinese textile & garment products reaching a total turnover of US$1.42 billion, a 4.1 percent year-on-year increase and accounting for 4.7 percent of the total volume of transactions at the event.
“Our data shows that Chinese textile and garment exports are recovering at a very healthy pace,” said Maggie Pu, Deputy Director General of the Foreign Affairs Office at Canton Fair. “The latest statistical data from the General Administration of Customs shows that the accumulated exports of Chinese textile and garment products grew at a rate of 4.23 percent year-on-year to reach US$78.932 billion in the first four months of 2018, with US$36.372 billion of that coming in the textile sector which achieved year-on-year growth of 11.37 percent.”
Signs of Turnaround with more environmental and quality requirements
“Many textile & garment companies that attended this session of the Canton Fair attribute the recovery and growth of the sector to a comprehensive upgrading of the industry. They have developed new environmentally-friendly and high-quality textile fabrics, demonstrated technical prowess, and improved their support services to meet the demands of the international market,” Pu said.
Fuzhou Shangfei Clothing Co., Ltd., an example of an attendee that has made great strides in product innovation, demonstrated their new biodegradable and recyclable coat fabric at this year’s Canton Fair. This fabric won the ISPO Award in the outdoor segment and has been well-received in the European market.
Increased Competitiveness Supports Market Transition
The garment and textile sector’s growth has fueled a maturing of companies in the industry, and this is reflected in those that came to the Canton Fair. Some of the now-common capabilities of the vendors in attendance include:
– Advanced manufacturing and customization capabilities
– Ability to supply boutique and premium products
– Robust R&D programs
– Quick response to inquiries and comprehensive customer service support
According to Gao Song, President of Jiangsu Sainty, the company brought their clothes and tailored products to Canton Fair, which reflect the company’s high-end manufacturing capability. The event has also been a vital platform for the company’s research and service capabilities, as well as a contributor to the company’s growth.
Huang Haitao, Chief of Office of Jiangsu Soho, believes that Canton Fair, working as an important channel to communicate with global suppliers, can help them understand industry trend and differentiations among products, get to associate with valuable partners, and convert competing relationship to partnership through service segmentation.
About Canton Fair
The China Import and Export Fair (“Canton Fair”), is held biannually in Guangzhou every spring and fall. Established in 1957, the fair is now a comprehensive exhibition with the longest history, highest level, largest scale and largest number of products as well as the broadest distribution of buyer origins and the highest business turnover in China.