Page 22 - TEXtalks. May-June 2023

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China posts almost

15 percent growth in exports

The Chinese economy showed its resilience as it beat all expectations to post an export growth of 14.8
percent in March despite a decline in the two largest global markets the United States
and the European Union.

China is facing trade sanctions of various natures in the US and the EU for over three years, still, its
economy caved in only after several lockdowns during Covid-19. That was in line with global trends. But
when its growth was almost a 50-year low of 3 percent last year many experts predicted a permanent
decline. After covid-19 restrictions were lifted the growth has started accelerating and the Chinese expect to
post 5 percent growth this year. Surprisingly its textile and clothing exports increased last year as well due to
diversions to markets outside the US and the EU. Most textile and apparel countries posted a decline after
the pandemic and the Russian-Ukraine war.

In March Chinese exports amounted to $315.6 billion posting a growth of 14.6 percent. During January and
February, the exports suffered a decline of 6.8 percent. Chinese imports declined by a paltry 1.4 percent in
March against a decline of 10.2 percent in January and February 2023. Its trade surplus
increased to $88.2 billion.

EU seeks to tackle counter

fashion through tougher rules

As businesses for fast fashion are rapidly increasing, Europe seeks to tackle the overproduction and
overconsumption of apparel and footwear by taking proactive measures. The Green Deal includes harsher
rules. Before the summer, Europe wants to suggest more stringent rules. Products will need to be devoid of
dangerous materials and made with as much recycled fiber as possible. They must be more resilient,
reusable, and recyclable. Human rights, social rights, labor rights, environmental protection, and animal
welfare must be upheld throughout production.
The Ellen Macarthur Foundation, a UNEP partner, has estimated that a truckload of abandoned textiles is
dumped in landfill or incinerated every second. Meanwhile, people are estimated to buy 60 percent more
clothes and wear them for half as long.
‘Selling a lot of clothes at cheap prices that are of lower quality.’ This is how the European Commission
defines ‘fast fashion,’ a practice it seeks to outlaw within the EU. Many of the major fashion companies,
including Zara and H&M, which have built their empires on fast fashion, are faced with a difficult choice. In
actuality, fast-fashion companies now control the majority of the fashion sector.

May/June 2023