THE textile industry can expect a more profitable year ahead, according to the chairman of China Resources Textiles, Guan Guanghua.
'The European and American markets have been recovering after several years of slowdown. I believe the textile industry will follow the trend, although I don't think it will return to the peak of 1986,' Ms Guan said.
According to the company, about half of the cotton yarn and fabric imported into Hong Kong came from China and was worth about $3.8 billion. Of this, 60 to 70 per cent was traded by the company.
The turnover for the company exceeded $8.85 billion this year.
The company is one of the subsidiaries of China Resources Holdings, China's largest trading corporation affiliated to the Ministry of Foreign Trade and Economic Co-operation.
The core business of the company is the distribution of textile products such as cotton yarn and cloth and polyester-cotton yarn and grey fabric.