Chinese garment makers to raise prices amid soaring costs

Sources:
arment providers in the Greater China region will hike their prices this year due to rising labor and raw material costs, China Business News reported. Of the 93%, 21% plan to raise prices by less than 5%; 55% between 5% and 10%; 10% between 10% and 15%; and 15% by more than 15%. Many makers are also planning to move up the value chain and produce luxury clothes. They are also aiming to explore the European market as they prefer to use the euro for settlement in the face of the falling dollar but only European buyers are willing to settle in the European currency, Global Sources said.