Introduction: my country’s textile and apparel exports fell again in July, and the cumulative decline expanded.
Data source: General Administration of Customs
According to the latest data released by the General Administration of Customs on August 8, my country’s textile and apparel exports declined again in July due to declining foreign demand, reduced orders and a high base last year. In US dollars, textile and clothing exports fell 18.3% year-on-year in July, a decline greater than that of national trade in goods. From January to July, the cumulative year-on-year decrease was 10%, and the decline expanded by 1.7 percentage points from the previous month. From the perspective of export commodity categories, textile exports continued to shrink due to reduced orders for end consumer goods. Exports for the month fell by 17.8% year-on-year and 3.6% month-on-month. Clothing exports did not continue the recovery trend in June. Exports in that month fell by 18.7% year-on-year and increased by 3.5% month-on-month. The cumulative declines in textiles and clothing in the first seven months further expanded compared with the previous month.
Data source: General Administration of Customs
Textile and clothing exports in US dollars: From January to July 2023, the cumulative exports of textiles and clothing were US$169.79 billion, a decrease of 10%, of which textile exports were US$78.85 billion, a decrease of 11.9%, and clothing exports were US$90.94 billion, a decrease of 8.3%.
In July, textile and clothing exports were US$27.11 billion, a decrease of 18.3%, and a month-on-month increase of 0.5%. Among them, textile exports were US$11.15 billion, a decrease of 17.8%, and a month-on-month decrease of 3.6%. Clothing exports were US$15.96 billion, a decrease of 18.7%, and a month-on-month increase of 3.5%.
According to data released by the Vietnam Statistics Bureau, in the first half of this year, Vietnam’s total import and export volume was US$316.65 billion, a year-on-year decrease of 15.2%. Among them, the export value was US$164.45 billion, a year-on-year decrease of 12.1%, and the import value was US$152.2 billion, a year-on-year decrease of 18.2%. Textile and apparel exports amounted to US$18.6 billion, a year-on-year decrease of 17.6%.
According to data from the General Administration of Customs of Cambodia, in the first half of this year, the total export value of Cambodia’s garment industry reached US$3.727 billion, a year-on-year decrease of 19%. Cambodia’s garment exports of knitted and apparel products reached US$2.477 billion, down 21.5% from US$3.157 billion in the same period last year; non-knitted clothing exports reached US$1.176 billion, down 13% from US$1.352 billion in the same period last year; other textile exports The amount was US$74.69 million, a year-on-year decrease of 22.1%. Weak demand from economically developed countries such as Europe and the United States has had a greater impact on global trade. The main reason for the decline in textile and clothing exports from Southeast Asia and my country is the decrease in clothing orders from the European Union and the United States.
Currently, global production and trade are gradually returning to normal, and economic globalization is also in a period of adjustment. The overall performance of the traditional external demand market is poor, and it will be difficult to provide a significant boost to domestic apparel exports in the later period. Since the implementation of RCEP at the beginning of last year, trade exchanges among member countries have become closer. Intra-regional trade has become a key force in promoting trade growth. The region has continued to become a hot spot for global trade and investment, which has significantly benefited all member countries. In the later period, the market may further increase export efforts towards emerging markets and expand new export directions. With the arrival of the “Golden Nine and Silver Ten” textile and clothing peak season, it is expected that rigid demand textiles and clothing will bring certain demand.
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