Japan's tariff concessions canceled in April The textile industry may face even greater challenges this year?
The General Administration of Customs recently announced that according to the Japanese Embassy in China, the Ministry of Finance of Japan has decided not to grant the GSP preferential tariffs on China's goods exported to Japan since April 1, 2019. This means that the average tariff of goods exported by China to about 12 billion U.S. dollars per year is about 3%. This is not good news for China's textile and garment export enterprises.
At the same time, the data for the first two months of this year also shows that China's textile and apparel exports are under downward pressure. According to customs statistics, China's textile and apparel exports in January-February 2019 were US$38.155 billion, down 11.6% year-on-year, of which textile exports were US$17.38 billion, down 7.8% year-on-year; apparel exports were US$20.775 billion, down 14.6% year-on-year.
However, the pressure of export pressure is just the tip of the iceberg of the challenges this year. It is predicted that due to the complex and severe external environment, the textile economy will run even more challenging in 2019.