China : Domestic sale in knitted products overtake overseas market

Chinese knitted products beat the overseas market and registered growth in domestic sales in 2005, a report revealed.

The domestic market achieved a growth of 31.1 percent, which is 10.5 percent higher than the overseas market.

Even after the end of quotas, issues like increasing international trade disputes with the US, the European Union and other trade partners have hampered growth of Chinese textile, including knitted products.

However, while stressing on its domestic market, China wants to capture overseas market by utilizing its huge textile manufacturing capacity.

Chinese Government has also decided to give priority to domestic market in the next Five-Year Plan, said Government official.

In 2005, the fixed asset investment in China's knitted product industry jumped 41.7 percent year-on-year to 12.33 billion yuan (US $1.5 billion), and the total output in this industry grew 25.49 percent to 209.47 billion yuan.