CORRECTING and REPLACING GRAPHIC BizVibe Textile and E-commerce News: China Continues to Lead Markets Despite Labor Competition

LONDON--(BUSINESS WIRE)--

Please replace the graphic with the accompanying corrected graphic for the release dated January 20, 2017.

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BIZVIBE TEXTILE AND E-COMMERCE NEWS: CHINA CONTINUES TO LEAD MARKETS DESPITE LABOR COMPETITION

Despite global economic fluctuations and the beginning of a migration from China to other Asian countries with lower labor costs, recent reports show that China is still a world leader in many markets. Details on the country's performance and future prospects are some of this week's featured stories on BizVibe. BizVibe is the world's smartest B2B marketplace and allows users to connect with over seven million companies around the globe.

China remains king of global silk market

China has dominated the global silk industry for centuries, being the world's largest silk producer, exporter, and consumer. Today, the country still accounts for over 70% of the global silk production and 90% of the world's silk exports.

The economic growth of China's silk industry has slowed down in recent years, as have its silk exports. However, industry experts still expect slight recovery from this industry. Currently, the country's total silk production is around 17,000 metric tonnes, and over 1 million workers are employed in its silk industry.

Connect with over 100 silk companies in China listed on BizVibe

Competition in textile and apparel industry threatens China

China is the largest producer and exporter of textiles and apparel in the world. While it has been suffering some setbacks in recent years, the country's textile industry is still going strong. In 2015, the textile industry made up 7% of China's GDP, and the country exported USD 11.53 billion worth of textiles.

The cost of labor in China has risen, driving some companies to move textile jobs to countries such as Bangladesh, Vietnam, and Pakistan. However, the country still has a great deal of expertise and resources in the textile and apparel industry, and despite the increase in labor costs, unit costs have only risen a small amount. Experts still predict strong performance from China in coming years.

Connect with nearly 1,300 fabrics and textiles companies in China listed on BizVibe

China leads global e-commerce industry

China has become a global leader in the e-commerce industry, with online retail sales rising by 33.3% to exceed USD 581 billion in 2015. Sales in the country are expected to grow by 20% yearly through 2020.

The market in China is being driven in part by the country's growing middle class, particularly individuals under 35. M-commerce is extremely popular, and is expected to make up 74% of Chinese online sales by 2020. Given these factors, e-commerce in the country has a very bright future.

Start a partnership with some of the top Chinese companies on BizVibe

In addition to these segments, BizVibe is also home to 50,000+ apparel and textile companies across 200+ countries, covering all sectors. The BizVibe platform allows you to discover highest quality leads and make meaningful connections in real time. Claim your company profile for free and let the business come to you.

About BizVibe

BizVibe is home to over seven million company profiles across 700+ industries. The single minded focus of BizVibe's platform is to make networking easier. Over the years, we've searched far and wide to figure out how businesses connect and enable trade. That first interaction is usually fraught with the uncertainty of finding a potential partner vs. a potential nightmare. With this in mind, we've designed a robust set of tools to help companies generate leads, shortlist prospects, network with businesses from around the world and trade seamlessly.

BizVibe is headquartered in Toronto, and has offices in London, Bangalore and Beijing. For more information on the BizVibe network, please contact us.

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