Newsletter | 2023 1 to 2 China's Textile and Clothing Exports Analysis

According to today's statistics bulletin from the General Administration of Customs of China, from January to February this year, China's textile and clothing exports were US$40.84 billion, a year-on-year decrease of 18.5% (in RMB terms, a year-on-year decrease of 11.6%). Among them, textile exports were US$19.16 billion, a year-on-year decrease of 22.4% (a year-on-year decrease of 15.9% in RMB); clothing exports were US$21.68 billion, a year-on-year decrease of 14.7% (a year-on-year decrease of 7.5% in RMB). Since the beginning of this year, against the background of the global economic downturn, the consumption capacity and consumer confidence in major developed markets have been suppressed. At this stage, the foreign trade export of our industry is still affected by factors such as weak demand and insufficient orders, and will continue to be under pressure for a period of time in the future.
 

But at the same time, in terms of China's domestic consumption, the steady macroeconomic fundamentals and policy dividends have played a positive role in boosting the confidence of the textile and apparel consumer market. China's National Bureau of Statistics announced that China's manufacturing PMI (Purchasing Managers' Index) rose to 52.6% in February, staying in the expansion range for two consecutive months, of which the new order index was 54.1%, indicating that the manufacturing market demand is expected to gradually recover.