China's total textile exports dropped significantly in the first quarter
China's textile and apparel exports, despite the strong recovery in textiles and apparel exports in March, industry sources stated that China's textile and apparel exports still face resistances such as high domestic labor costs, product popularity, and low added value. In the short term, the export situation is improving slowly. Based on this, it is believed that China's textile and apparel exports in the second quarter may still remain stable or have a negative value, and there is less possibility of positive growth.
The relevant analysis of the China Chamber of Commerce for Import and Export of Textiles pointed out that in March, there were two main reasons for the strong growth in China's textile and apparel exports:
First, the impact of the low base last year, the same period last year affected by the Spring Festival, textile and apparel exports fell sharply, the base year-on-year low;
Second, the current foreign trade environment has improved, the exchange rate of the renminbi has stabilized, and the policy dividends for the stabilization of foreign trade exports have gradually been released, which has promoted the warming of commodity exports, including textiles and apparel.
According to statistics from the General Administration of Customs, China's total textile imports from January to February reached 3.195 billion U.S. dollars, of which textile imports were 2.174 billion U.S. dollars and apparel imports were 1.021 billion U.S. dollars. From the data of January-February, the import volume of domestic textiles dropped sharply, while the amount of clothing imports rose slightly. However, due to the rapid decline in textile imports, the total import value of textile and apparel was dragged down. The import value of Chinese textiles is generally 2 or more times that of clothing imports. It is the most important form of textile and apparel imports in China.
In the first quarter of the year, China’s total textile exports have declined significantly; textiles and apparel exports have experienced a trend of first decline. Garment exports have always been ahead of textile exports and accounted for most of exports.
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