China : Bid prices on textile quotas to US pushed to high level

Fierce competitions in the first public bid for China's textile quota to the United States next year have pushed the bid price to a high level, with some more than 10 times of the minimum bid prices set by the government.

For example, the minimum bid price for men's woollen trousers was 12 yuan (1.5 US dollars) per dozen, while the bid opening price released was 192 yuan per dozen, 15 times more than the minimum bid price, according to figures from the China Chamber of Commerce for Import and Export of Textiles.

The minimum bid price of cotton trousers was 8 yuan per dozen, while the bid opening price was 102.14 yuan per dozen, 12 times more than the minimum price.

The bid opening price hike increased the cost of export companies considerably, but some textile entrepreneurs said as long as they gained the export quota, US dealers would pay for the cost in buying quotas.

Last week, almost 30,000 qualified textile enterprises in China joined the bidding for export quotas on 21 categories of textiles to the United States next year.

Xinhuanet.com