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Overview
Textile quotas had been eradicated among the WTO customers with the first day of 2005 in accordance along with the Arrangement on Textiles and Apparel (ATC). Nevertheless, resistance to quota removal distribute in the US and EU. Subsequently, China attained agreements while using the EU and also the US in June and November 2005 respectively. The China-US settlement, helpful from January 2006, governs the exports of the total of 21 groups involving 34 groups of Chinese textiles and garments products and solutions on the US for the duration of 2006-2008. The China-EU settlement, efficient from June 2005, covers ten classes of Chinese textiles and clothes exports for the EU in the course of 2005-2007.
On the flip side, the mainland and Hong Kong agreed in October 2005 to even more liberalise the mainland market for Hong Kong providers beneath the third section with the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA III). In conjunction with other solutions of Hong Kong origin, the mainland agreed to offer all solutions of Hong Kong origin, like clothing things, tariff-free treatment method starting off from one January 2006. According to the stipulated treatments, products and solutions which have no current CEPA regulations of origin, will love tariff-free cure upon purposes by regional brands and upon the CEPA rule of origins getting agreed and achieved.
Hong Kong clothes organizations are respected for ODM and OEM output. They're able to deliver good quality outfits articles or blog posts in brief guide time, as overseas importers and stores ask for clothes suppliers to tighten up supply chain management to be sure the requested items reaching the shop ground for the suitable time. Significantly, Hong Kong apparel organizations, the founded ones in particular, have demonstrated enthusiasm for brand name promotion.
Hong Kong's complete exports of garments rose year-on-year by 9% in the initial eleven months of 2005. When Hong Kong's re-exports of clothing rose by 20%, domestic exports fell by 14%. During the initial 11 months of 2005, Hong Kong's apparel exports on the US and EU rose by 11% and 18% respectively. Even though Hong Kong's garments exports to Japan levelled off, individuals towards the Chinese mainland declined by 11%.
Marketplace Capabilities
The clothes market is really a key producing sector of Hong Kong. Its gross output is one of the highest among all producing sectors, amounting to HK$35.nine billion in 2003. It is the largest production employer in Hong Kong, with 1,673 establishments hiring 28,752 personnel as of June 2005. It's also the top earner with regard to domestic exports, having up 40% with the complete inside the 1st eleven months of 2005.
Hong Kong's geographic boundary has never constrained the development from the forward-looking apparel field. The majority of clothing companies have established up offshore manufacturing facilities in an try to reduce operation expenditures. Relocation of output services offshore has on the other hand resulted inside of a steady decrease while in the amount of outfits brands in Hong Kong.
Hong Kong just isn't just a foremost production centre but in addition a hub for garments sourcing globally. Organizations doing garment trade in Hong Kong are seasoned in fabrics procurement, product sales and advertising, excellent control, logistic arrangements, clothing designs and worldwide and countrywide procedures and rules. The professionalism which they command as well as put together expert services presented are certainly not effortlessly matched somewhere else. Having a whole of 15,a hundred ninety institutions choosing 95,889 personnel, they type the most important team involved with import-export trade in Hong Kong.
Overall performance of Hong Kong's Exports of Clothes
Hong Kong's overall exports of outfits rose year-on-year by 9% during the very first 11 months of 2005. While Hong Kong's re-exports of garments rose by 20%, domestic exports fell by 14%. The contrasting functionality of Hong Kong's re-exports and domestic exports was essentially ascribed towards the rising relocation of garment production for the Chinese mainland, resulting from the removal of quotas underneath WTO's Settlement on Textiles and Outfits (ATC). Nevertheless the declining development of domestic exports is reversed rather in latest months, on account of the re-imposition of quantitative restraints on mainland-made textiles and clothes via the US and EU.
Retail revenue during the US held organization from the very first eleven months of 2005, rising by approximately 6% in the exact same period while in the former 12 months. Inside the initially 11 months of 2005, Hong Kong's clothing exports on the US rose year-on-year by 11%.
From the very first eleven months of 2005, Hong Kong's whole garments exports to the EU surged year-on-year by 18%. Clothes exports to key EU marketplaces like France, Germany and Italy recorded expansion rates in excessive of 20%.
Then again, Hong Kong's apparel exports to Japan levelled off while in the initial eleven months of 2005 partly because of the trend of immediate shipment. Within the back again on the climbing profits on the other hand, Japanese shoppers are likely to resume their spending spree on top quality outfits objects. Meanwhile, Hong Kong's outfits exports to the Chinese mainland dropped by 11% during the very first 11 months of 2005, compared along with the very same period of time very last year.
Product-wise, Hong Kong's exports of woven wear rose by 12% in the 1st eleven months of 2005. Even though woven wear for women/girls grew by 13%, those people for men/boys recorded a growth of 8% in the exact same interval from the earlier 12 months. Knitted have on grew by 2%, with women/girls and men/boys rising by 1% and 6% respectively. Although garments equipment declined by 3%, other apparel content, for his or her aspect, elevated by 13%.
Product sales Channels
Hong Kong's clothing producers have solid potent interactions with their consumers. They are able to realize and cater to the choices of extremely broad client bases. Exporters even have excellent familiarity with global and nationwide procedures and rules governing garments exports, these types of as guidelines of origin, quota constraints, tariff rates and documentation prerequisites. Minimize, make and trim (CMT) arrangements are popular whilst quite a few Hong Kong companies have moved to bigger value-added pursuits these as layout and manufacturer development, high quality manage, logistics and materials sourcing.
A few well-established area companies have entered into your retailing business enterprise, possibly regionally or in overseas marketplaces. Many of them have retail networks in important metropolitan areas about the globe like Beijing, London, New york, San Francisco, Shanghai, Singapore, Sydney, Taipei and Tokyo. Some well-known producing retailers include Baleno, Bossini, Crocodile, Episode, Esprit, G-2000, Giordano, JEANSWEST, Moiselle and U-2.
For a world-wide sourcing hub in Asia, Hong Kong attracts quite a few intercontinental trading homes and main merchants. Prospective buyers sourcing from Hong Kong consist of American and European department shops (e.g. Macy's, JCPenney, Federated, Karstadt Quelle, C & A), discount suppliers (e.g., Sears, Target and Carrefour), specialty chains (e.g., The Gap, The Limited) and mail order properties (e.g. Otto and Great Universal Merchants). A lot of intercontinental top quality designer labels -- these as Calvin Klein, Donna Karen, Ralph Lauren, Tommy Hilfiger and Yves Saint Laurent -- source clothes in Hong Kong through their buying offices or other intermediaries.
Hong Kong's fashion designers have been gaining worldwide reputation for his or her professional expertise, sensitivity to current trends and ability to blend commercialism with innovation. Medium to high-priced fashion garments bearing Hong Kong designer labels is being sold/have been sold in renowned section merchants overseas such as Bloomingdale's, C & A, Harrod's, Isetan, Macy's, Marui, Mitsukoshi, Nieman Marcus and Seibu.
Trade fairs and exhibitions remain typical places for consumers and suppliers of outfits to congregate. To establish connections and explore current market opportunities, Hong Kong manufacturers and traders have involved themselves actively in international shows led because of the Hong Kong Trade Development Council (TDC), including the ones in Beijing, Chengdu, Dalian, Dubai, Dusseldorf, Hong Kong, Moscow, Mumbai, Paris and Tokyo. 'Hong Kong Fashion Week' is organised twice a calendar year and draws in worldwide suppliers and purchasers to participate during the exhibition. Organised by TDC, 'World Boutique, Hong Kong' will be the initially independent event in Hong Kong dedicated to promoting designers' collection and brands from all around the planet.
Sector Trends
Changes in retail landscape: Within the US and EU, large-scale suppliers are undergoing drastic restructuring and consolidation, particularly, the growing prominence of hypermarkets these kinds of as Wal-Mart. To strengthen competitiveness, Sears and Kmart have merged to sort the 3rd biggest retail team within the US.
Growing importance of private labels: Private labels, in essence, have become an more and more efficient marketing tool among garment stores. In order to differentiate as effectively as upgrade the image of their products and solutions, significant suppliers have started to put a stronger emphasis on their own labels. According to Cotton Incorporated, private labels accounted for 45% of complete US apparel sales in 2003, up from 39% in 2001. In some adult attire categories, these types of as skirts, private labels accounted for as high as 76% of the total revenue. It is additionally estimated that 45% of products sold inside the EU are sold underneath private labels. Renowned shops these as H&M, Marks & Spencer, Orsay, Palmers, Pimkie, Springfield and Kookai have owned their private labels. As customers desire to have private labels on everyday garments like jeans, equipment and T-shirts, the doors are also open towards the source of these garments products to private label owners.
Growing interest in China's domestic marketplace: The rapid expansion of mainland's economy has attracted great interest of Hong Kong apparel businesses to explore its apparel marketplace. A TDC survey on mainland's garment shoppers indicates that Hong Kong brands are ranked quantity one with the respondents within the mid-range segment. Although intercontinental brands are most preferred during the high-end segment, mainland brands dominate the low-end. In addition, a similar survey finds out that in the eyes of mainland customers, Hong Kong businesses are really strong in casual have on, as they can be generally of superior style and design and high-quality. In essence, lots of mainland shoppers have developed a stronger awareness of Hong Kong brands through tour to and shopping in Hong Kong. Therefore, Hong Kong's casual have on has successfully projected a positive image to mainland shoppers.
CEPA
On 18 October 2005, the mainland and Hong Kong agreed to even more liberalise the mainland marketplace for Hong Kong firms underneath the 3rd stage from the Mainland and Hong Kong Closer Financial Partnership Arrangement (CEPA III). Together with other products and solutions of Hong Kong origin, the mainland agreed to present all solutions of Hong Kong origin, including clothing things, tariff-free therapy starting off from 1 January 2006. According to the stipulated treatments, products and solutions which have no existing CEPA procedures of origin, will delight in tariff-free therapy upon programs by area makers and upon the CEPA rule of origins staying agreed and satisfied. But non-Hong Kong manufactured apparel goods will remain subject to tariff premiums of 10-25% when entering the mainland.
The promulgated policies of origin for clothes goods to benefit from CEPA's tariff preference are in essence similar to your current policies governing Hong Kong's exports of these products and solutions. Generally speaking, the principal producing process of cut-and-sewn garment is sewing of parts into garments. If linking and/or stitching is/are required, these process/processes must also be done in Hong Kong. For piece-knitted garment, if it truly is manufactured from yarn, the principal process is knitting of yarn into knit-to-shape panel.
If the piece-knitted garment is manufactured from knit-to-shape-panels, the principal process is linking of knit-to-shape panels into garment. If stitching is required, it must also be done in Hong Kong.
Trade Measures Affecting Exports of Outfits
In keeping with the ATC, textile quotas were being eradicated among the WTO associates in the first working day of 2005. On the other hand, resistance to quota removal distribute in the US and EU. Particularly during the US, China-specific safeguards on ten categories of garments goods from China were invoked. Against this background, China attained agreements with the EU and the US in June and November 2005 respectively.
The China-US settlement, powerful from January 2006, governs the exports of a total of 21 teams involving 34 categories of Chinese textiles and garments products to your US in the course of 2006-2008. It allows an annual growth of 10-15% in 2006, 12.5-16% in 2007 and 15-17% in 2008. The China-EU settlement, effective from June 2005, provides for an annual growth of 8-12.5% in ten groups of Chinese textiles and clothing exports for the EU during 2005-2007. In addition, both EU and US agreed to exercise restraint in invoking China-specific safeguard against Chinese textiles and garments that are usually not covered from the agreements.
Product Trends
Formal Dressing: Even though casual don accounts for your bulk of outfits product sales, a general trend towards stricter corporate dress codes has led to a increasing demand for formal dressing, particularly suits. In accordance with a survey by Cotton Incorporated in late 2004/early 2005, 38.5% of respondents believe that people dressed too casually at work. This is often a six.5 percentage point increase over the exact same year-ago.
Teenager: One of the important driving forces of apparel marketplace appears to be the teenagers while in the coming years. The quantity of teenagers inside the US expects to increase from 31.6 million in 2001 to 34.one million in 2010. A modern survey by Teenage Research Unlimited found that teens are saving money by worth shopping. Even though JCPenney is their favourite section store, Target and Wal-mart are their favourite hypermarkets. In addition, Old Navy is their choices amongst specialty clothing retailers.
Silver Sector: Ageing population becomes a prevalent phenomenon in a lot of developed countries in Europe as effectively as Japan along with the US. Elderly people constitute an important sector segment called 'silver market'. Supported by savings, social security benefits and pensions, many elderly people have rather robust spending power. It is estimated that the age team of 65 year and above accounted for about 21% of Japan's consumption expenditure in 2000. A survey conducted by the Japanese government also shows that people who are 60 years old and above possess almost three times the financial assets of these within the 40-50 age team. During the US, individuals aged at or above 65 amounted to 18.one million in 2001, as well as number is expected to swell to 26 million in 2015.
Plus-size Industry: The plus-size sector has long been an area of progress for several years, as well as trend is expected to continue inside the coming future. It's estimated that 65 million gals while in the US have on size 14 or above. This team represents one-half of the US female population. It is actually reported that some renowned brands have already responded for the craze by offering products of larger size; these providers include things like Liz Claiborne, Ralph Lauren and Tommy Hilfiger.
Easy-care Clothes: Clothes built of stain-resistant and wrinkle-free materials are effectively received while in the industry. It really is estimated that about a quarter of attire is now created of easy-care materials, and its popularity is expected to continue during the next handful of years. Whilst key attire brands like Dockers and Liz Claiborne have already marketed extensively easy-care clothes, significant hypermarkets, like Wal-Mart, also offer more items of this kind of excellent.
Source: Hong Kong Trade Progress Council
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