Exports at Weiqiao Textile, China’s biggest cotton-textile maker, are expected to rise 54% for 2003 because of more demand from Japan and South Korea and fewer competitors in the market after higher cotton prices forced some rivals out of business.
Weiqiao, based in Shandong province, expected exports to exceed US$400 million for 2003, up from its initial forecast of US$380 million, the company said. Weiqiao exported US$260 million of textiles in 2002, accounting for 12% of the country’s cotton yarn exports. The average ginned cotton price in China rose almost 75% to a five-year high in 2003, forcing other textile makers out of the business.