China’s January through February textile and apparel exports soared 39.87 percent to 24.039 billion U.S. dollars. This growth was apparently fueled by increasing export prices and expedited shipments ahead of a possible reduction in export tax rebates. Discussions are underway about a two-percent reduction occurring in the VAT tax rebate for textiles and apparel, so exporters are hastily trying to move shipments out ahead of any possible changes.

January through February exports to Asia expanded 25.28 percent to 10.001 billion U.S. dollars. The percentage of shipments moving to Asia has declined as growth to other regions has accelerated. Total shipments to Europe increased 48 percent to 6.293 billion U.S. dollars, with 4.874 billion dollars of that total going to the European Union, which represented 53 percent year-on-year growth. Shipments to Africa have soared 62.8 percent to 1.213 billion U.S. dollars, while exports to the U.S. were up 58.85 percent at 3.991 billion U.S. dollars. This growth has been led by a 48.15 percent expansion in cotton product shipments, which accounted for 9.737 billion U.S. dollars of the total exports.