China's entry into the WTO in 2001 and the abolition of restrictions under the Agreement on Textiles and Clothing in 2005 marked the end of an era for the apparel industry in the developed economies. Manufacturers in those countries shut down almost all production activities in favor of low-cost sourcing from emerging countries, including China. By 2020, China was the world's largest producer and exporter of textiles and apparel, with an export value of nearly $291 billion.