Annual clothing sales in China will exceed $300 million in 2019, a 25 per cent increase from 2014, according to a study conducted by China-based PR company, SinoInteractive.
In comparison, apparel sales in the United States are estimated to hit $267 million in three years, meaning China will surpass the US as the world’s largest apparel market by the end of the decade.
The report, which compared industry performance in the world’s two largest economies, showed despite the strengthening of the Chinese currency and rising raw material and labor costs directly impacting the Chinese clothing market, China still continues to be a global leader in the apparel department.
In 2015, there was a 23 per cent rise in Russian orders from the Chinese e-commerce industry compared to 2014. From November 11-26, 2015, there were nearly 10 million purchases made in Chinese e-commerce portals by Russians.
Apparel made in China for US export has an applied tariff rate as high as 9.63 per cent for textiles and 16.05 per cent for clothes with the report asserting free trade agreements under negotiation may change that.
According to SinoInteractive, e-commerce giants such as Chinese apparel exporter, Globalegrow, Alibaba and others will constitute up to 50 per cent of the global e-commerce market by 2018.
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