Screen Brushing RCEP Brings "Spring" To Textile And Garment Industries

RCEP will effectively enhance the trade and investment exchanges among its members, enhance the vitality of regional trade, and is expected to promote the optimization of regional resource allocation and the adjustment and upgrading of domestic textile upstream industrial structure.

CICC said that RCEP will promote intra regional trade and boost China's GDP, with textile and garment and light industry benefiting most. Among them, China's textile and garment industry chain is the most perfect among the global textile export countries, with cluster layout of upstream fiber, midstream fabric accessories and downstream clothing industry. In the future, the high stability of China's supply chain will be increasingly valued by global brand customers.

Galaxy Securities pointed out that as the world's largest textile exporter, China has the advantages of the whole industrial chain production, and has advantages in industry research and development, high added value, high labor efficiency, fast response and short delivery time, complex product orders and port operation efficiency; On the other hand, Southeast Asia's labor costs, tax costs (tariffs with EU and North American markets) and raw materials are the main sources of cost advantages. However, the scale of its local textile industry is small, and there are few large enterprises, which lack competitiveness. The main textile enterprises are foreign-invested enterprises. This creates space and advantages for China's textile enterprises to transfer production capacity overseas and make RCEP regional trade easier Make the relationship closer. At the same time, the unified origin principle of RCEP will bring convenience to China's garment enterprises in terms of suppliers, logistics and customs clearance.