China Safeguard Approved
October 22, 2004
October 22, 2004 -- In a press release issued by the Domestic Manufacturing Committee (DMC), they welcomed today?s approval by the federal government of their petition to apply safeguards to the surging imports of socks from China. This is the fourth textile safeguard action taken against China, pursuant to the terms of the U.S. ? China World Trade Organization Accession Agreement.
Sock imports from China have soared from less than 1 million dozen pair in 2001 to 22 million dozen pair in 2003, and to 42 million dozen pair in the most recent 12 months ending in August 2004.
Domestic sock production has dropped from 207 million dozen pair in 2001 to 166 million dozen pair in 2003. Domestic sock mills still maintain about 40 percent of the U.S. market share for socks, the highest share of any major apparel sector left in the U.S. apparel industry. However, this share has dropped steadily from 76 percent in 1999.
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