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Clothing exports, a full refund Is a good or a drizzle

Published on:2015/1/16 15:17:46

Keyword:Garments, textile products, yarn, market, cotton spinning, prices, cotton, China textile, viscose fiber, the textile industry
Introduction:The ministry of finance and the state administration of taxation on December 31, 2014, issued a notice, adjust the partial products export tax rebates...

In

the ministry of finance, state administration of taxation issued a notice on December 31, 2014, adjust the partial products export tax rebates, including parts of textile clothing (50-63 chapters, the main if yarn category, including some fancy yarn, wool yarn, etc.), the export tax rebates on January 1, 2015 to 17%.

comments: since 1985, the export tax rebate policy frequency is higher, the part of the textile clothing export tax rebates to 17%, good textile and garment industry's international competitiveness.

in March 1985 the state council formally lifted the export tax rebate policy, and on April 1, 1985 implementation;Through frequent adjustment, textile clothing export tax rebates is roughly last in the range of 5% 17% of the wave.

The adjustment of export tax rebates to serve the

countries need the adjustment of export structure, textile clothing, for example, to get rid of the Asian financial crisis in 1998, in January 1998 countries will textile clothing export tax rebates by 6% to 11%;In 2005, is China's textile clothing export gold peak, to reduce the trade surplus, the 2006 national textile export tax rebates fell from 13% to 13%, 2007 down to 5% (viscose);In 2008 after the outbreak of the financial crisis, export tax rebates of viscose fiber by 5% to 14% again.The export tax refund rate increased to 17% from 16% in 2009, the main if for the past 3 years textile clothing exports remain weak, mid-range order to accelerate the flow to the southeast Asian countries and other hostile environments.

11 months of

in 2008-2008 years ago, China's textile clothing exports year-on-year growth of 8%, 10%, 10%, 21%, 2%, 11%, 2%, and Vietnam in the same period of textile clothing exports year-on-year growth since 2009, the average of over 40%, domestic cost (labor, environmental protection, raw materials, etc.) to keep rising in China's textile industry's international competitiveness.

export tax rebates by 16% to 17% (part of the textile clothing), from the industry perspective is good to improve the international competitiveness.

enterprises in the industry due to the product structure, the structure of the business is not the same, there are differences between the degree of benefit, the product is given priority to with yarn, export-oriented and bargaining power is relatively strong companies will benefit significantly.

The ascension of

export tax rebates for the competitiveness of Chinese textile industry in the world, but industry enterprises due to the product structure, improve the export tax rebates aimed mostly at yarn), business structure, different enterprise's products export ratio is different) is not the same, there are differences between the degree of benefit.

predominantly yarn export-oriented enterprises logically enough benefit, but from the perspective of the history of business level, textile enterprises as a raw material supply to negotiate price ability is very limited, in the downstream customers enough to understand the supplier's cost structure and the change of policy conditions, the downstream customer will strive for more and more proportion of policy dividends, given the current downstream customer placing more cautious overall environment (cotton prices are still on the downside, has not yet stabilized), relatively strong bargaining power of leading enterprises are expected to be part of the benefit from the export tax rebates policy dividend of ascension.

according to the above logic, is expected to waffer color spinning (high-grade colored spun yarn line is given priority to, direct export proportion about 30%), BaiLong Oriental (high-grade colored spun yarn line is given priority to, direct export proportion about 30%) will directly benefit.

we tend to think of the export tax rebates, understood as a country to export products structure adjustment of macroeconomic structure of tool, key demands is still stable foreign trade, alleviate the pressure of the economic downturn.The troika of investment, foreign trade, consumption, the current investment lacks a massive stimulus conditions (finance relatively tight, private investment enthusiasm is not high), commodity consumption remained subdued (real estate market downturn, emerging consumption in the short term is difficult to play a huge role), to boost trade and conducive to boost the domestic economy, from this perspective, the ascension of export tax rebates is expected to boost foreign trade just by being part of a textile clothing export categories will surely benefit.

investment logic specific to the industry, we maintain the textile industry "overweight rating", from the point of medium-term development trend, the high cost of cotton textile enterprise since 2010, is expected to start in 2015 reversal: since 2010, the cotton textile enterprises continue to increase the high cost of trouble, as the human cost, environmental cost natural growth peak, the main raw materials of cotton prices, cotton textile enterprises is expected to be reversed in 2015, improve the international competitiveness.And the early stage of the process of consolidation, on a smaller scale, management strength relatively weak exit the market competition of enterprise, industry concentration is expected to improve whole, orders and other resources to the leading enterprises gathered, is expected to significantly enhance leading FangQi market share.The ascension of the export tax rebates, though the specific impact on the industry enterprise (all export-oriented yarn enterprises with bargaining power, the net interest rate will be affected by the increase of 1%), but will strengthen our this logic from the aspects of industry.We recommend waffer color spinning, BaiLong east, lutai A.

main factors not sure: overseas market demand is not up to expectations, cotton prices downward speed too slow.


Keyword:Garments, textile products, yarn, market, cotton spinning, prices, cotton, China textile, viscose fiber, the textile industry

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