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Overview Textile quotas were annihilated amidst WTO members at the introductory day of 2005 in accordance with the Agreement on Textiles and Clothing (ATC). However, resistance to quota remotion disseminate in the US and EU. Subsequently, China reached agreements with the EU and the US in June and November 2005 respectively. The China-US agreement, effective from January 2006, governs the exports of a total of 21 groups involving 34 categories of Chinese textiles and costume merchandise to the US for the duration of 2006-2008. The China-EU agreement, effective from June 2005, covers 10 categories of Chinese textiles and costume exports to the EU for the duration of 2005-2007. On the other hand, the mainland and Hong Kong consorted in October 2005 to further liberalise the mainland market for Hong Kong companies beneath the third phase of the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA III). Along with other productions of Hong Kong origin, the mainland accorded to give all merchandise of Hong Kong origin, including costume items, tariff-free treatment starting from 1 January 2006. According to the stipulated procedures, merchandise which have no existent CEPA rules of origin, will take delight in tariff-free treatment upon apps by local manufacturers and upon the CEPA rule of origins being accorded and met. Hong Kong costume companies are reputable for ODM and OEM production. They are competent to deliver quality costume articles in short lead time, as alien importers and merchants who sells goods at retail request costume suppliers to tighten up supply chain management to assure the ordered productions reaching the store floor at the right time. Increasingly, Hong Kong costume companies, the conventional ones in particular, have shown a feeling of excitement for brand promotion. Hong Kong’s total exports of costume rose year-on-year by 9% in the original 11 months of 2005. While Hong Kong’s re-exports of costume rose by 20%, domestic exports fell by 14%. In the original 11 months of 2005, Hong Kong’s costume exports to the US and EU rose by 11% and 18% respectively. While Hong Kong’s costume exports to Japan levelled off, those to the Chinese mainland declined by 11%. Industry Features The costume industry is a major manufacturing sector of Hong Kong. Its gross output is one of the most eminent amongst all constructing sectors, amounting to HK$35.9 billion in 2003. It is the greatest constructing employer in Hong Kong, with 1,673 particular spatial arrangements hiring 28,752 workers as of June 2005. It is also the leading earner in terms of domestic exports, taking up 40% of the total in the basi 11 months of 2005. Hong Kong’s geographic boundary has never constrained the development of the forward-looking costume industry. The majority of costume makers have set up offshore production facilities in an undertake to reduce operation costs. Relocation of production facilities offshore has nonetheless resulted in a steady decline in the number of costume makers in Hong Kong. Hong Kong is not only a leading production centre but likewise a hub for costume sourcing globally. Companies doing garment trade in Hong Kong are experienced in fabrics procurement, sales and marketing, quality control, logistic arrangements, costume designs and global and national rules and regulations. The professionalism that they command and the combined services offered are not without apparent effort matched elsewhere. With a total of 15,190 particular spatial arrangements hiring 95,889 workers, they form the greatest group involved in import-export trade in Hong Kong. Performance of Hong Kong’s Exports of Clothing Hong Kong’s total exports of costume rose year-on-year by 9% in the introductory 11 months of 2005. While Hong Kong’s re-exports of costume rose by 20%, domestic exports fell by 14%. The contrasting performance of Hong Kong’s re-exports and domestic exports was basically ascribed to the increasing relocation of garment formulating to the Chinese mainland, resulting from the remotion of quotas underneath WTO’s Agreement on Textiles and Clothing (ATC). But the declining trend of domestic exports has been reversed somewhat in recent months, due to the re-imposition of quantitative restraints on mainland-made textiles and costume by the US and EU. Retail sales in the US held firm in the introductory 11 months of 2005, rising by almost 6% from the same amount of time in the former year. In the firstborn 11 months of 2005, Hong Kong’s costume exports to the US rose year-on-year by 11%. In the original 11 months of 2005, Hong Kong’s total costume exports to the EU surged year-on-year by 18%. Clothing exports to major EU markets like France, Germany and Italy recorded growth rates in excess of 20%. On the other hand, Hong Kong’s costume exports to Japan levelled off in the introductory 11 months of 2005 partly due to the trend of direct shipment. On the back of the rising income however, Japanese buyers tend to resume their spending spree on premium costume items. Meanwhile, Hong Kong’s costume exports to the Chinese mainland dropped by 11% in the basi 11 months of 2005, equated with the same amount of time last year. Product-wise, Hong Kong’s exports of woven wear rose by 12% in the primary 11 months of 2005. While woven wear for women/girls grew by 13%, those for men/boys recorded a growth of 8% from the same amount of time in the former year. Knitted wear grew by 2%, with women/girls and men/boys rising by 1% and 6% respectively. While costume accessaries declined by 3%, other apparel articles, for their part, increased by 13%. Sales Channels Hong Kong’s costume manufacturers have forged strong relationships with their customers. They are capable to understand and cater for the predilections of very wide client bases. Exporters likewise have good psychological result of perception learning and reasoning of global and national rules and regulatings governing costume exports, such as rules of origin, quota restrictions, tariff rates and documentation requirements. Cut, make and trim (CMT) arrangements are mutual altho galore Hong Kong manufacturers have moved to higher value-added actions such as design and brand development, quality control, logistics and material sourcing. A few well-established local makers have entered into the retailing business, either locally or in overseas markets. Many of them have marketing networks in major cities around the world including Beijing, London, New York, San Francisco, Shanghai, Singapore, Sydney, Taipei and Tokyo. Some well-known fabricating merchants who sells goods at retail include Baleno, Bossini, Crocodile, Episode, Esprit, G-2000, Giordano, JEANSWEST, Moiselle and U-2. As a global sourcing hub in Asia, Hong Kong attracts a number of global marketing houses and major retailers. Buyers sourcing from Hong Kong include American and European section stores (e.g. Macy’s, JCPenney, Federated, Karstadt Quelle, C & A), discount stores (e.g., Sears, Target and Carrefour), distinguishing trait chains (e.g., The Gap, The Limited) and mail order houses (e.g. Otto and Great Universal Stores). Many global premium architect labels — such 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 benefitting international reputation for their professional expertise, sensitivity to current trends and capacity to blend commercialism with innovation. Medium to high-priced fashion costume bearing Hong Kong architect labels is being sold/have been sold in widely known and esteemed division Trade fairs and exhibitions stay mutual places for buyers and suppliers of costume to congregate. To establish connections and explore market opportunities, Hong Kong manufacturers and traders have involved themselves actively in global shows led by 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 year and attracts international suppliers and buyers to participate in the exhibition. Organised by TDC, ‘World Boutique, Hong Kong’ is the initial independent event in Hong Kong devoted to advancing designers’ collection and brands from around the world. Industry Trends Changes in retail landscape: In the US and EU, large-scale merchants who sells goods at retail are undergoing drastic restructuring and consolidation, in particular, the growing prominence of hypermarkets such as Wal-Mart. To beef up competitiveness, Sears and Kmart have merged to form the third greatest retail group in the US. Growing importance of private labels: Private labels, in essence, have become an growingly effective selling tool amongst garment retailers. In order to discern as well as upgrade the effigy of their products, major merchants who sells goods at retail have started to put a more inviolable special and significant stress on their own labels. According to Cotton Incorporated, private labels accounted for 45% of total US apparel sales in 2003, up from 39% in 2001. In a lot of adult apparel categories, such as skirts, private labels accounted for as high as 76% of the total sales. It is likewise approximated that 45% of merchandise sold in the EU are sold under private labels. Renowned merchants who sells goods at retail such as H&M, Marks & Spencer, Orsay, Palmers, Pimkie, Springfield and Kookai have owned their private labels. As buyers desire to have private labels on each and everyday garments like jeans, accessaries and T-shirts, the doors are likewise open to the supply of these costume items to private label owners. Growing interest in China’s domestic market: The rapid elaboration of mainland’s economy has attracted outstanding interest of Hong Kong costume companies to explore it is costume market. A TDC survey on mainland’s garment shoppers suggests that Hong Kong brands are ranked number one by the respondents in the mid-range segment. While global brands are most preferent in the high-end segment, mainland brands dominate the low-end. In addition, the same survey finds out that in the eyes of mainland consumers, Hong Kong companies are very strong in casual wear, as they are in general of good design and quality. In essence, a heap of mainland buyers have formulated a more inviolable cognizance of Hong Kong brands through tour to and buying goods in Hong Kong. Therefore, Hong Kong’s casual wear has with great success projected a positive effigy to mainland consumers. CEPA On 18 October 2005, the mainland and Hong Kong consorted to further liberalise the mainland market for Hong Kong companies beneath the third phase of the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA III). Along with other productions of Hong Kong origin, the mainland accorded to give all merchandise of Hong Kong origin, including costume items, tariff-free treatment starting from 1 January 2006. According to the stipulated procedures, merchandise which have no existent CEPA rules of origin, will take delight in tariff-free treatment upon apps by local makers and upon the CEPA rule of roots being accorded and met. But non-Hong Kong made costume productions will stay subject to tariff rates of 10-25% when entering the mainland. The promulgated rules of origin for costume items to gain from CEPA’s tariff preference are fundamentally similar to the existent rules governing Hong Kong’s exports of these products. Generally speaking, the primary fabricating routine of cut-and-sewn garment is sewing of constituents into garments. If linking and/or stitching is/are required, such process/processes will have to likewise be done in Hong Kong. For piece-knitted garment, if it is fabricated from yarn, the crucial procedure is knitting of yarn into knit-to-shape panel. If the piece-knitted garment is fictitious from knit-to-shape-panels, the important routine is linking of knit-to-shape panels into garment. If stitching is required, it will have to likewise be done in Hong Kong. Trade Measures Affecting Exports of Clothing According to the ATC, textile quotas were eradicated amongst WTO members at the primary day of 2005. However, resistance to quota remotion disseminate in the US and EU. Particularly in the US, China-specific safeguards on 10 categories of costume items from China were invoked. Against this background, China reached agreements with the EU and the US in June and November 2005 respectively. The China-US agreement, effective from January 2006, governs the exports of a total of 21 groups involving 34 categories of Chinese textiles and costume merchandise to the US for the duration 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 agreement, effective from June 2005, provides for an annual growth of 8-12.5% in 10 categories of Chinese textiles and costume exports to the EU for the duration of 2005-2007. In addition, both EU and US accorded to exercise restraint in invoking China-specific safeguard versus Chinese textiles and costume that are not covered in the agreements. Product Trends Formal Dressing: While casual wear accounts for the bulk of costume sales, a usual trend towards stricter corporate dress codes has led to a rising demand for formal dressing, particularly suits. According to a survey by Cotton Incorporated in late 2004/early 2005, 38.5% of respondents believe that people dressed too casually at work. This is a 6.5 portion point increase over the same year-ago. Teenager: One of the major driving forces of costume market appears to be the teenagers in the coming years. The number of teenagers in the US expects to increase from 31.6 million in 2001 to 34.1 million in 2010. A recent survey by Teenage Research Unlimited found that teens are saving cash by value shopping. While JCPenney is their favourite section store, Target and Wal-mart are their favourite hypermarkets. In addition, Old Navy is their selections amongst special line of work apparel stores. Silver Market: Ageing population becomes a mutual phenomenon in some developed countries in Europe as well as Japan and the US. Elderly persons constitute a major market segment called ‘silver market’. Supported by savings, social security gains and pensions, a heap of elderly people have rather strong spending power. It is approximated that the age group of 65 year and above accounted for when it comes to 21% of Japan’s consumption expenditure in 2000. A survey conducted by the Japanese government also shows that humans who are 60 years old and above possess closely three times the financial pluses of those in the 40-50 age group. In the US, those aged at or above 65 amounted to 18.1 million in 2001, and the number is expected to outstanding to 26 million in 2015. Plus-size Market: The plus-size market has been an area of growth for galore years, and the trend is expected to carry on in the coming future. It is approximated that 65 million women in the US wear size 14 or above. This group represents one-half of the US female population. It is reported that a lot of widely known and esteemed brands have already responded to the trend by supplying merchandise of larger size; these companies include Liz Claiborne, Ralph Lauren and Tommy Hilfiger. Easy-care Clothes: Clothes made of stain-resistant and wrinkle-free fabrics are well received in the market. It is approximated that when it comes to a quarter of apparel is now made of easy-care fabrics, and it is popularity is expected to carry on in the next few years. While major apparel brands like Dockers and Liz Claiborne have already marketed extensive easy-care clothes, major hypermarkets, like Wal-Mart, also offer more productions of such quality. Source: Hong Kong Trade Development Council Most helpful customer reviews 4 of 4 people found the following review helpful. 3 of 3 people found the following review helpful. 2 of 2 people found the following review helpful. |
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