China textiles export surge on quota's end

Official data shows China's textile and apparel exports to the EU jumped 47% year-on-year to about US$1.5bn in January, and apparel exports to the US reached US$989m, up 80%, following the end of global quotas on textiles and apparel and affirming fears that China would flood the market with cheap goods. The surge in China's apparel and textiles export have led to price drops, Bloomberg reported, citing analyses based on early data. The EU and US are calling for restraint by the Chinese, who are considering price ceilings to avert a backlash.