China's textile and clothing exports decreased by 8.3% year-on-year in first half of 2023

Jul　12, 2023  ｜  by Zhong Mengxia

According to the statistics from the General Administration of Customs, in the first half of this year, China's textile and clothing exports reached US$ 142.68 billion, down 8.3% year-on-year (down 1.9% year-on-year in terms of RMB), and the decline was 1.6 percentage points higher than that in the first quarter. Among them, textile exports were US$ 67.7 billion, down 10.9% year-on-year (down 4.5% year-on-year in RMB); Clothing exports reached US$ 74.98 billion, down 5.9% year-on-year (up 0.7% year-on-year in RMB).  

Since the second quarter of this year, the export trade situation of the industry has been more severe. In April, the year-on-year growth rate of China's textile and garment exports slowed down significantly, and fell into a negative growth range in May. In the month of June, China's textile and clothing exports to the world reached US$ 26.99 billion, down 12.7% year-on-year (down 8.8% year-on-year in RMB terms), and the decline was slightly narrower than that of last month. Among them, textile exports were US$ 11.57 billion, down 12.9% year-on-year (down 9% year-on-year in RMB); Clothing exports reached US$ 15.42 billion, down 12.5% year-on-year (down 8.7% year-on-year in RMB terms).

 

At present, global economic growth is slowing down, consumer demand in major developed markets such as the United States and Europe is weak, and the demand for imported textiles and clothing is declining to varying degrees. According to the data of the US Department of Commerce, in the first five months of this year, the United States imported 22.6% of textiles and clothing from around the world. From January to April this year, the amount of textile and clothing imported by the EU from the world decreased by 12.1% year-on-year. Looking forward to the second half of the year, the total demand of the global retail market is still under great pressure. On the basis of striving to stabilize and win orders from traditional developed economies, China's textile and garment foreign trade enterprises can actively explore the national markets along the "the belt and road initiative", seize the opportunity of the effective implementation of RCEP, and deeply tap the trade growth potential of diversified markets.

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