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Supply chains have shifted abroad, and mainland textile and apparel exports fell 6.8% year-on-year in the first quarter

18/07/2023

According to the report, data from the China Chamber of Commerce for Import and Export of Textile Products (referred to as the Textile Chamber of Commerce) shows that the United States, the European Union, ASEAN, and Japan are currently the main markets for China's apparel exports, accounting for 19.7%, 14.1%, and 14.1% of the national export share in the first quarter of 2023 respectively. 11.6% and 9%. In the first quarter, China's apparel exports to the United States were US$6.93 billion, a year-on-year decrease of 16.2%; China's exports to the EU were US$4.97 billion, a year-on-year decrease of 23.7%; China's exports to Japan were US$3.16 billion, a year-on-year decrease of 8%.

Only the ASEAN market has become a growth point for China's apparel exports. In the first quarter, China's apparel exports to ASEAN were US$4.08 billion, a year-on-year increase of 30.1%, of which exports to Vietnam and Singapore increased by 229.9% and 117.6% respectively.

The report also pointed out that at the Canton Fair held in April, two exhibitors in the textile and apparel industry said that major markets have restricted the origin of raw materials, and many companies have transferred their supply chains abroad, which is the main reason for the decline in exports in the industry.

The report also pointed out that a person familiar with the textile and garment industry in Guangdong Province said that in the past year or two, the textile and garment industry has accelerated industrial transfer. In Guangdong Province alone, "may have already transferred 30% of its production capacity abroad." Data from the Textile Chamber of Commerce shows that in the first quarter of this year, Guangdong Province's clothing exports fell by 15% year-on-year.

The Textile Chamber of Commerce also told Caixin that looking forward to the whole year, China's textile and apparel export growth will face greater pressure.

From:  https://www.hk01.com/article/894356?utm_source=01articlecopy&utm_medium=referral