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The Extent Of The Increase Of Relatively Cheap Textile Imports From China Has Led To A So Called 'bra War' With The European Commission. How Might These Imports Affect Various Markets In Eu Countries?

1207 words - 5 pages

More than ever manufacturing is backbone of every country. In particular, textile industry plays a major role behind countries economical activities. As the world is becoming a global village it is becoming highly difficult for the western countries where the standard of living is high to meet the manufacturing cost of the eastern country such as South Asia or far eastern countries therefore western countries such as EU members have started to buy the finished products from far eastern countries instead of buying the raw materials. On 1st of January 2005 the quotas from the intentional trading were lifted which gave far eastern countries to trade freely and have stronger relationships with EU retailers. Further on, on 10 of June EU and China agreed to a deal that will manage the growth of cheap Chinese textile imports to EU till 2008 however these restrictions have left millions of products stranded on the ports of European countries (www.asianews.it). In this essay I will be focusing on how the effect of cheap imports from china will affect various markets in EU. In order to do so I will be looking at the main concepts of micro-economics and how they are effected with in the market also I will be looking at the macro-economic factor such as unemployment that will be affected by so called the 'Bra War'Demand is known as the desire to purchase the good or service, supported by the fact of having ability and willingness to pay for the product and this is derived by two factors that are income and changes in prices. In this essay I will be outlining the price factor.The graph shown in the figure 1 (shown below) identifies the demand curve by showing that if customers start consuming up to a point where the price and satisfaction are equivalent, then any reduction in price will result in increase in the quantity for example if the retailers in UK sell a fine quality cotton t-shirt for £10 then the quantity demand will be low i.e. 100 000 tonnes however because of the cheap Chinese imports is the price drops down to £8 then there will be an increase in the quantity demanded to all most about 125 000 tonnes.Supply on the other hand is a counterbalance to demand, it is known as the quantity of a commodity or service that is offered to the market at a certain price. This term refers to the quantity that buyers seek to buy and the quantity that sellers seek to sell at a particular price. In general the higher the price the greater the quantity is offered in them market. The main determinants will be the cost of producing goods and market price. The graph shown in figure 2 (shown below) identifies the supply curve where EU retailers might be willing to sell the amount of products at various pricesAs I mentioned earlier on, that the cause of 'bra war' is because of the Chinese imports exceeding the quota and new quota agreement being introduced earlier on in June however this agreement left almost 80 million garments stranded on European ports....

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