China Chamber of Commerce for Import and Export of Textiles (CCCT) released the latest data on China’s textile and apparel exports. Affected by the low base, the RMB exchange rate fluctuations and some other factors, the decline in China’s textile and apparel exports narrowed in August.

In CNY-denominated terms, from January to August, the cumulative textile and apparel exports amounted to CNY 1.37 trillion, down 3.9% year-on-year. In August alone, textile and apparel exports reached CNY 199.31 billion, seeing a year-on-year decline of 5.5%. Among them, textile exports were CNY 83.65 billion, declining by 1.5% year-on-year; apparel exports were CNY 115.66 billion, down by 8.2% year-on-year.

In US$-denominated terms, from January to August, China’s textile and apparel exports totaled US$ 197.21 billion, seeing a year-on-year decline of 10%. Among them, textile exports were US$ 90.32 billion, seeing a year-on-year decline of 11.2%; apparel exports reached US$ 106.89 billion, dropping by 8.9% year-on-year.

In August, textile and apparel exports reached US$ 27.86 billion, down by 10.2% year-on-year. Thereinto, textile exports amounted to US$ 11.69 billion, down 6.3% year-on-year; apparel exports amounted to US$ 16.17 billion, down 12.7% year-on-year.

Figure 1: Foreign Trade of China’s Textile and Apparel

As for the destinations, the trend of the global market pattern presents a rise in the East and a descend in the West in August. The exports to the European Union, and Japan both saw a more than 20% year-on-year decline. While Central Asia, West Asia, Africa and other “Belt and Road” countries remain the main driving force for growth. Thereinto, the exports to Algeria reached more than 100% year-on-year increase for four consecutive months.

By share, the four major markets, i.e., the United States, ASEAN, the European Union and Japan, accounted for about 51.5% of China’s textile and apparel exports, 3.0 percentage points lower than last year’s performance. Among them, the three major developed markets, i.e., the United States, the European Union and Japan, accounted for 37.23%, unchanged from 2022, but narrowed by 1.72 percentage points than the previous month (38.95%).

Figure 2: Share of China’s Textile and Apparel Exports in Aug.2023 (By Destinations)

Source: CHINA TEXTILE LEADER Express