China Textile-Industry Investment Drops, Statistics Bureau Says
Source: bloomberg Date: 2009-04-07
March 31 (Bloomberg) -- China's investment spending in the textile industry slumped 20 percent in the first two months of this year from the same period in 2008, the National Bureau of Statistics said.
Spending on textile mills and equipment totaled 9.22 billion yuan ($1.35 billion) in January and February, the Beijing-based agency said yesterday in a statement posted on its Web site.
Textile industry spending accounted for 0.9 percent of the nation's overall investment of 1.03 trillion yuan, down 0.5 percentage point from a year earlier, the statistics bureau said.
China's garment and textile exports tumbled 15 percent to $21.9 billion in the two months from a year earlier, customs data show. Exports of yarn, fabrics and textile products totaled $7.29 billion, down 21 percent, while apparel exports fell 11 percent to $14.6 billion, the Beijing-based Customs Bureau said on March 11.
