Choy's Trading Company Banking on China
January 21, 2000
"The future of the fabric business is in China," says Jimson Choy, president of Choy's Trading Company, Choy's Trading and Young's Furnishing Fabrics Co. in Hong Kong. "China will also import better fabrics," he said at Heimtextil.
He noted that Heimtextil produced 25 percent less visitors in 2000 versus 1999. "The upholstery lines showed at Heimtextil were 90 percent the same as shown at Decosit. There was more lace and burnout than ever before and prices were 5-10 percent less than a year ago."
Choy's sales are flat, he said with more wholesalers and less business to go around. "Most of my customers cover 70 percent of China from the northern part of China to the south. Exports from the South have been restricted. The North has no quota. More Chinese people will visit Europe and the USA and will demand better goods."
"They are being educated right now to recognize the value of fabrics from $2-$10 so China will be a very big market for imports. Imports comprise 40 percent of fabrics sold in China today and 50 percent are devoted to export. Only 10 percent of what is domestically made ends up in China." He was referring to home furnishings and readymade product.
"We'll be a proud and powerful nation of 1.2 billion people in another five years. We have one out of six people in the world in China."
"Now that Hong Kong belongs to China, 70-80 percent of all fabric business will belong to China. China has learned a lot since 1997. We import/export quite well. There are 70 wholesalers in China today.''
He noted that Heimtextil produced 25 percent less visitors in 2000 versus 1999. "The upholstery lines showed at Heimtextil were 90 percent the same as shown at Decosit. There was more lace and burnout than ever before and prices were 5-10 percent less than a year ago."
Choy's sales are flat, he said with more wholesalers and less business to go around. "Most of my customers cover 70 percent of China from the northern part of China to the south. Exports from the South have been restricted. The North has no quota. More Chinese people will visit Europe and the USA and will demand better goods."
"They are being educated right now to recognize the value of fabrics from $2-$10 so China will be a very big market for imports. Imports comprise 40 percent of fabrics sold in China today and 50 percent are devoted to export. Only 10 percent of what is domestically made ends up in China." He was referring to home furnishings and readymade product.
"We'll be a proud and powerful nation of 1.2 billion people in another five years. We have one out of six people in the world in China."
"Now that Hong Kong belongs to China, 70-80 percent of all fabric business will belong to China. China has learned a lot since 1997. We import/export quite well. There are 70 wholesalers in China today.''
