International Trade: China Customs Textile And Clothing Exports Resumed Growth In December

According to the latest data released by the General Administration of Customs on January 12, the textile and clothing exports in December were 25.27 billion dollars in dollar terms, which turned to positive growth again seven months later, with a growth rate of 2.6% and a month on month growth rate of 6.8%. Exports have gradually come out of the trough, stabilized and improved. Among them, textile exports increased by 3.5% year on year, and clothing exports increased by 1.9%.

In 2023, the global economy will recover slowly due to the impact of the epidemic, and the economies of all countries will generally decline. The weak demand in major markets will lead to a decrease in orders, which will make the growth of China's textile and clothing exports lack momentum. In addition, geopolitical changes, accelerated supply chain adjustment, fluctuations in the RMB exchange rate and other factors have brought heavy pressure on the development of textile and clothing foreign trade. In 2023, China's textile and clothing exports totaled US $293.64 billion, down 8.1% year on year. Although they failed to break through US $300 billion, the decline was smaller than expected, and the export volume was still higher than in 2019. From the perspective of export market, China still dominates the traditional markets in Europe, the United States and Japan, and its export volume and proportion in emerging markets are also increasing year by year. The Belt and Road Initiative has become a new growth point to boost exports.

In 2023, Chinese textile and garment export enterprises will pay more attention to brand building, global layout, intelligent transformation and green environmental awareness, and their comprehensive strength and product competitiveness will be greatly improved. In 2024, with the further implementation of policies and measures to stabilize the economy and foreign trade, the gradual recovery of foreign demand, more convenient trade exchanges, and the accelerated development of new forms and models of foreign trade, China's textile and clothing exports are expected to continue to maintain the current growth trend and reach a new high.

In RMB terms, textile and clothing exports totaled 2066.03 billion yuan from January to December 2023, down 2.9% from the same period last year (the same below), including 945.41 billion yuan of textile exports, down 3.1%, and 1120.62 billion yuan of clothing exports, down 2.8%.

In December, the export of textile and clothing was 181.19 billion yuan, up 5.5% year on year and 6.7% month on month, including 80.35 billion yuan of textile exports, up 6.4%, 0.7% month on month, 100.84 billion yuan of clothing exports, up 4.7% and 12.0% month on month.

Textile and clothing exports in US dollars: from January to December 2023, textile and clothing exports totaled US $293.64 billion, down 8. 5% 1%, including textile exports of US $134.5 billion, down 8.3%, and clothing exports of US $159.14 billion, down 7.8%.

In December, textile and clothing exports reached 25.27 billion US dollars, up 2.6% and 6.8% month on month, of which textile exports reached 11.21 billion US dollars, up 3.5% and 0.8% month on month, while clothing exports reached 14.07 billion US dollars, up 1.9% and 12.1% month on month.