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Himfr.com Analyzes Chinaˊs Silk Market
Author:  admin     PublishDate:  2008-12-03      Hit:  17630
Himfr.com ( http://www.himfr.com/ ), one of China's leading B2B search platforms with more than 30 B2B industry websites to its name, recently analyzed China's silk ( http://www.qualitydress.com/buy-silk/ ) market in 2008. Accordingly to Himfr.com, in the beginning of the year, silk prices experienced a rebound, and market operation remained stable for most of the time throughout the year. Prices have been falling since October under the influence of the global financial crisis, and both domestic and export demand for silk have reduced significantly.
Cocoon prices have reduced significantly. In October, the average price of dry cocoon ( http://www.qualitydress.com/buy-cocoon/ ) was 46.41 yuan/kilo in the domestic market, down 11% compared with September, and down 4.5% year-on- year. In the second half of the year, the dry cocoon price declined month by month.
Amid fears of a global economic meltdown which is driving down worldwide consumption, demand for silk product export has reduced sharply which in turn affect the raw silk market and caused a downturn in cocoon silk ( http://www.qualitydress.com/list-product-Silk-29170000-1.html ).
In September, China's silk exports remained weak with its continued downward trend, but in October, China only exported 763 tons of raw silk ( http://www.cheaponsale.com/buy-raw_silk/ ), a reduction of 207 tons from September and 191 tons down compared with the same period of last year. This year, from January to October, the total China's raw silk export was 11,779 tons, up 3.1% year-on-year.
With export volume falling sharply, domestic silk enterprises are facing a difficult time. Production output in October was 77.6,820,000 meters, which fell 3.9% compared with September. From January to October, total silk production output was 7,902,000,000 meters, which declined 1.8% year-on-year.
Himfr.com's analyst believes that poor performance of the silk market is related to people's panic emotion. Recent introductions of protective policies were being looked upon in easing market situation.
From November 1, China raised the export tax rebate rate from 13% up to 14% for textiles ( http://www.qualitydress.com/buy-textile/ ), clothing ( http://www.himfr.com/list-product-Apparel_Fashion-02000000-1.html ) and other labor-intensive products. This will help ease pressures on silk enterprises and restore their confidence in the market, thereby stimulating the demand for cocoon and silk .
In addition, starting from January 1, 2009, china will cancel export quota license management for cocoon and some silk products, and that ( http://www.cheaponsale.com/Products/ ) enterprises for export declaration will no need to apply for an export license.
The above-mentioned policies may not be enough to offset the depressed silk market, caused by a downturn in the world's. Himfr.com's analyst believes that in the long run, the cocoon silk industry's fundamental way out is to improve the industrial structure and explore more new products.

Source: www.marketwatch.com
 
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