According to customs data, my country’s textile and clothing exports in March 2023 were US$26.39 billion, a year-on-year increase of 19.7%. Among them, textile exports were US$12.905 billion, a year-on-year increase of 9.1%; clothing exports were US$13.655 billion, a year-on-year increase of 31.9%. From January to February 2023, my country’s textile and clothing exports totaled US$40.842 billion, a year-on-year decrease of 18.6%, of which textile exports were US$19.165 billion, a year-on-year decrease of 22.4%, and clothing exports were US$21.678 billion, a year-on-year decrease of 14.7%. Although the growth rate of textile and clothing exports in March “turned from negative to positive” and the performance was quite impressive, it still lagged behind the overall growth rate of national exports in March (according to the General Administration of Customs, China’s exports in March increased by 23.4% year-on-year).
Why in February and March, my country’s cotton textile and clothing industry reported that new export orders were still mainly short-term orders, bulk orders, and small orders. Under the premise that medium and long-term orders were relatively scarce, textile and clothing exports in March came to 180 A sudden turn of events that far exceeded expectations? Industry analysis shows that in addition to the low base of textile and clothing exports in the same period last year, it is also directly related to the following factors:
First, export orders from November 2022 to January 2023 are delayed and postponed. Although my country’s epidemic prevention and control policies have been fully optimized since December 2022, as the situation is still full of uncertainties, international buyers and domestic textile and garment enterprises have a strong wait-and-see atmosphere and dare not place or receive orders easily; in addition, in three years, Affected by the epidemic, a large number of textile and garment enterprises’ production, sales, product inventory, etc. are in an unreasonable state, and recovery will also require a process.
Second, due to the Spring Festival holiday in late January, exports were extended to March. Judging from recent years, since companies need time to recruit workers, purchase raw materials, set prices and receive orders after the Spring Festival, it takes 15-30 days to fully get back on track. Therefore, generally, textile and clothing exports show a significant growth momentum in the second month after the Spring Festival. , this year is no exception.
Third, the RMB exchange rate continued to depreciate in March, which was beneficial to textile and apparel exports. According to statistics, on March 30, the offshore RMB weakened rapidly, falling below 6.90, depreciating more than 100 points within the day; the onshore RMB fell below 6.90 (the RMB depreciated against the US dollar in February was 0.47%, and the depreciation accelerated significantly in March ).
Fourth, textile and clothing exports to countries such as Africa, Europe, the United States, and Japan performed strongly. From January to February, although my country’s exports to the EU market decreased by 33% year-on-year, exports to the US market decreased by 31% year-on-year, and exports to Japan also decreased by 11% year-on-year, textile and clothing exports to the “Belt and Road” countries, ASEAN countries and Southeast Asian countries were relatively good. . For example, exports to Russia increased by 4.8% year-on-year, exports to Brazil increased by 11% year-on-year, exports to Saudi Arabia increased by 23% year-on-year, and exports to Singapore increased by 105% year-on-year. In March, textile and clothing exports continued the trend of “the east is not bright and the west is bright”.
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