The US sub-prime debacle led to a downturn in Chinese textile exports to the US, its largest export destination. According to the General Administration of Customs, China's textile and garment exports to the US totalled 3.46 billion in the first two months of 2008, a 7.5% decline compared with the same period in 2007.

However, textile and garment exports to the EU during the same period rose 27% year-on-year to $5.99 billion. Exports to the EU have been boosted by a revocation of quota restrictions on 10 types of Chinese textiles from January 1.

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