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Chinese Textiles Push Deficit |
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Contributed by Editor One
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Friday, 11 March 2005 |
According to the New York Times, the United States' trade deficit soared over $58 billion in January 2005. This second highest montly deficit on record puts more pressure on the dollar versus foreign currencies. With the recent end to global quotas, China commands as much as 70 per cent of the U.S. textile and apparel markets. Despite U.S. subsidies to domestic cotton farmers, established automated textile and clothing factories, it is somehow less expensive to ship raw material around the world and ship finished goods back.
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