China's Textile and Clothing Exports Decline by 8.1% in 2023
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- Published: Friday, 29 December 2023 13:01
China's textile and clothing exports witnessed a notable decline of 8.1% in 2023, amounting to the equivalent of $293.6 billion, according to figures released by the Chinese textile sub-council CCPIT-Tex. When adjusted for exchange rate effects, the decline stands at 2.9%.
Despite the challenges posed by global uncertainties affecting the clothing market, CCPIT-Tex remains optimistic about China's ability to navigate these challenges. The council believes that the gradual modernization of equipment and the shift towards higher-end products will aid in overcoming these obstacles.
The decline in exports for 2023 is attributed partly to exchange rate fluctuations experienced by China throughout the year. The value of the dollar fluctuated significantly against the yuan, impacting export figures, particularly in a market affected by inflation.
In 2023, textile exports from China increased by 8.3% in dollars and 3.1% in yuan, totaling $134.5 billion. However, clothing exports experienced a decline of 7.8% in dollars and 2.8% in yuan, amounting to $159.14 billion.
The challenging start to the year, marked by Beijing's removal of restrictions linked to its "zero Covid" policy, contributed to the overall decline. However, positive monthly growth resumed from April 2023, indicating a marginal but significant improvement.
December 2023 saw a notable upturn, with textile and clothing exports recording increases of 5.2% and 3.5%, respectively, compared to December 2022.
While exports to major markets like the United States and ASEAN stabilized, there was a contraction in exports to ASEAN countries by more than 10 points over the January-November period. However, Chinese textile exports to countries participating in the "New Silk Road," including Bangladesh, Cambodia, Indonesia, Myanmar, Pakistan, the United Arab Emirates, Egypt, and Turkey, accounted for more than 50% of total exports.
The CCPIT-Tex highlights exceptional export performances to countries such as Russia, Kazakhstan, Saudi Arabia, Singapore, and Algeria, underscoring the resilience and adaptability of the Chinese textile industry amidst evolving global dynamics.