In the first seven months, my country’s foreign trade exports of home textile products achieved slight growth, and the cumulative growth rate increased compared with the previous month. Mainly due to, on the one hand, the exports of the Yangtze River Delta provinces and cities have gradually recovered after the epidemic was lifted; on the other hand, the EU and Japanese markets have recovered slightly, and exports to ASEAN and other “Belt and Road” markets have grown rapidly.
01
Exports maintained a slight growth, and the cumulative growth rate increased compared with the previous month.
From January to July, China’s exports of home textile products were US$18.83 billion, a slight increase of 1.9% year-on-year, and the cumulative growth rate increased by 1.7 percentage points from the previous month.
From the perspective of specific products, the export of blankets, tableware, and kitchen supplies maintained rapid growth, with an increase rate between 15% and 28%. The export of towels, carpets, and other decorative products maintained a slight growth, with an increase rate between 2% and 6%. , exports of bedding products and curtains dropped by 3% and 12.9% respectively.
After the global epidemic was lifted, the “stay-at-home consumption” effect has weakened, and home consumption has been replaced by out-of-home consumption. Home textile products such as blankets and tablecloths that can be used for outdoor picnics and outings are relatively popular. Home consumer products such as bedding and curtains have been selling well since the second quarter of this year. Exports have been on a downward trend since then.
02
Exports to the United States, Europe and Japan have generally remained stable, while exports to ASEAN have grown rapidly.
In the first seven months, exports of home textile products to the United States were US$6.16 billion, a slight decrease of 0.71%, and the cumulative decline was basically the same as the previous month; exports to the EU were US$2.54 billion, an increase of 2.5%, and the cumulative increase was 0.9 percentage points higher than the previous month; exports to Japan 1.6 billion US dollars, an increase of 1.6%, turning from a decrease to an increase from the previous month.
Among other major markets, exports to ASEAN, Africa and other “Belt and Road” countries/regions maintained growth, with increases of 18.3% and 3.1% respectively. Exports to single countries, the United Kingdom and South Korea, dropped significantly, with decreases of 20% and 12.5% respectively.
03
Exports from the Yangtze River Delta provinces and cities gradually recovered, and the cumulative decline narrowed month by month
Zhejiang, Jiangsu, Shandong, Shanghai and Guangdong rank among the top five home textile export provinces and cities in the country. From January to July, Shandong and Guangdong’s exports maintained steady growth, with growth rates of 7.9% and 8.8% respectively. The cumulative growth rates increased by 1.2 and 1.1 percentage points respectively from the previous month; Zhejiang’s exports turned from falling to rising, with a slight increase of 0.2%; Jiangsu’s exports increased slightly by 0.2%. Exports from China and Shanghai decreased by 3.6% and 11% respectively. The cumulative decline narrowed month by month, narrowing by 2.1 and 4.9 percentage points respectively from the previous month. After the epidemic was lifted, exports gradually recovered.
Among other provinces and cities, Tianjin, Hunan, Hubei, Xinjiang and Shaanxi have experienced rapid export growth, with an increase rate between 20% and 120%.
04
my country’s share of the major markets in the United States, Europe and Japan has increased slightly
GTF statistics show that from January to June, the United States imported US$9.5 billion of home textile products, an increase of 2%, and the cumulative growth rate narrowed by 2.9 percentage points from the previous month. China ranked first in imports, with an import volume of US$4.08 billion, an increase of 2.3%. The cumulative growth rate narrowed 4.2 percentage points from the previous month, accounting for 42.8% of the US import share, which was basically the same as the same period last year. Among other countries, the United States’ imports from Pakistan and Vietnam grew rapidly, with increases of 14% and 34% respectively.
From January to June, the EU imported US$5.89 billion of home textile products, an increase of 15.3%, and the cumulative growth rate was basically the same as last month. China ranked first in imports, with an import value of US$2.08 billion, an increase of 15.2%. The cumulative growth rate narrowed 2.7 percentage points from the previous month, accounting for 35.3% of the EU’s import share, which was basically the same as the same period last year. Among other countries, the EU’s imports from Pakistan, Bangladesh and Vietnam grew rapidly, with increases of 29.8%, 31.4% and 38.5% respectively.
From January to June, Japan imported US$1.68 billion of home textile products, an increase of 2%, and the cumulative growth rate increased by 0.2 percentage points from the previous month. China ranked first in imports, with an import value of US$1.25 billion, an increase of 2.3%. The cumulative growth rate was basically the same as last month, accounting for 74.4% of Japan’s import share, 0.2 percentage points higher than the same period last year. Among other countries, Japan’s imports from Vietnam grew relatively quickly, with an increase of 6.4%.
05
U.S. back-to-school sales boom, but overall consumer spending growth remains weak amid inflation
In July, sales are booming during the back-to-school season in the United States. Spending on home furnishings is expected to reach US$10 billion. The purchasing channels are mainly online and department stores. Most consumers plan to purchase during the Amazon membership promotion days. At the same time, although Wayfair and Overstock, home furnishings retailers with single online channels in the United States, still occupy a large market share, as consumers increasingly return to physical stores for shopping, their market shares have increased since the second quarter. decline. On the contrary, retailers with physical stores such as HomeGoods and Big Lots have steadily increased their market share.
Overall, U.S. inflation has eased recently. The CPI rose 8.5% year-on-year in July, lower than the expected 8.7% and the previous value of 9.1%. Mainly due to the decline in energy and commodity prices, the consumer confidence index rebounded from 51.5 in July. It reached 55.1 in August, the highest level in nearly three months. Recently, the Federal Reserve has given a clear signal to raise interest rates. The relative depreciation of the RMB will be beneficial to the export growth and profit improvement of home textile foreign trade companies. However, amid inflation in the United States and Europe, prices for daily consumer goods, food and services including rent, wages and other services are still relatively strong. Under the pressure of high prices, overall consumer spending growth is still weak. In the second half of the year, it remains to be seen whether inflation in the United States and Europe can be effectively alleviated and whether market consumer demand can be fully released.
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