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Follow-Up: Textile floodgates closing slightly
In May, 2005 I talked about the removal in the US of certain textile quotas from WTO countries. As you might recall, the predictions were that all hell would break loose in the absence of annual quotas which had previously placed limits on the quantities of textile products foreign countries were allowed to export to the US. Most experts felt that China would flood the US market with cheap clothing, followed closely by India.

Last month, with the US textile industry screaming bloody murder, the US government announced it was reinstating limits on imports of certain textile goods (like denim jeans and cotton T-shirts) in the face of a huge surge in exports from (drum roll please): China. Using a WTO guideline that allows for limits on Chinese goods in extreme cases, the US has once again installed quotas on key textiles. The US textile industry wants more protection, but for now the US seems to have put a finger in the dike to at least slow the dramatic increase in Chinese fabric products.

Ultimately this will mean that in the third quarter of this year, US wholesalers will need to look beyond China to fulfill orders for the busy Holiday season. China will have filled the quotas by that time and some larger importers like Walmart will need to obtain goods elsewhere. This will not be difficult, nor will it add much in terms of cost of goods, but it will mean that the Chinese will continue pushing hard in the WTO to have the limits removed. Should be interesting to see how things turn out.

For more on this, click here.

(This article written by Mike McGinnis and published originally on indiasilver.com. We allow republication provided the piece is copied in its entirety with links and attribution.)

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