Boost in textile exports

Textile exports to the United States and Europe rose by 62.7% in the first 10 months of 2005 following the abolition of the global quota system. The China Chamber of Commerce for Import and Export of Textiles announced that the country’s total textile exports hit US$116 billion last year, an increase of 20% with the share of exports going to the US and EU rising to 34%, up from 25.7% in 2004. China’s textile industry grew 20% overall in 2005, with total sales of US$250 billion and profits of US$8.2 billion.