Textile exports a major earner for Hong Kong
Hong Kong's textile and clothing exports totalled $40 billion in 2008, representing 11% of its total exports according to a new report entitled ‘Prospects for the Textile and Garment Industry in Hong Kong’, available at Research and Markets.
According to the report, Hong Kong is the world's third largest exporter of garments, behind China and the EU, and a major exporter of textiles.
However, many of its exports include re-exports of goods originating in mainland China and other low-cost Asian countries.
Its domestic textile and garment sectors have been declining because of high manufacturing costs. Labour and land costs, in particular, are significantly higher than in most other Asian countries. As a result, many manufacturers have been subcontracting operations to lower cost countries for many years.
Despite this, Hong Kong’s garment manufacturing industry is still its largest manufacturing sector. The textile and garment industries employ around 147,000 people, of whom 117,000 are involved in the export/import trade.
Recently, more manufacturers in Hong Kong have been focusing on the higher-end market, with innovation and fashion proving important.
