The Agreement on Textiles and Clothing (ATC) came to an end on 1 January 2005. Much interest, not to mention concern, was expressed about the likely impact on production and trade of the removal of quota restrictions. It was apparent to most observers that there would be winners and losers from the additional liberalization. It is too early to say how the market will look beyond the relatively short period upon which we can base our observations, but this note looks at what we know so far about the pattern of trade that has emerged since the quantitative restrictions were (largely) removed. A caveat is in order here: there can be little doubt that the termination of the AT C affected the patterns of trade observed in 2005, but we have not developed a rigorous analytical approach to the question of what other factors might also influence the pattern of trade flows.