Tue, 12 Aug 2008 14:04

Exports of textiles and garments from China such as polo shirts, promotional clothing and printed t-shirts have shown a significant slowdown compared to figures from the same period last year, official sources claim.In the first six months of 2008, clothing and textiles worth over £50 billion were exported to foreign markets representing an increase of 7.67 per cent but significantly down from the 2007 growth rate of 24.4 per cent.The figure were revealed by the General Administration of Customs, and industry insiders have cited weak foreign demand and increasing production costs as the principle reasons for the down-turn in trade, Xinhua News reports.In a move to bail out over 60,000 struggling small textiles businesses, China recently raised the tax rebate to 13 per cent for manufactured items going for export.A Guojin securities analyst, Zhang Bin, said: "The effects of the new tax rebate policy would likely take hold in October and it is expected to help reduce costs and increase the profit margins of textile and clothing exporters."