In the first half of this year, the scale of my country’s foreign trade exports of home textile products remained basically stable, but the growth rate slowed down significantly. Changes in consumption trends after the global epidemic is lifted, as well as factors such as high inflation and increased inventories in major international consumer markets, mainly the United States, have added many uncertainties to my country’s foreign trade exports of home textile products in the second half of the year.
1 Exports maintain a slight growth rate and the growth rate narrows significantly
In the first half of the year, China’s exports of home textile products were US$15.62 billion, a slight increase of 0.19% year-on-year. The growth rate fell by 25.6 percentage points compared with last year. However, the export scale hit a new high for the same period in previous years, 22.8% higher than the total export volume in the same period in 2019 before the epidemic. .
In terms of specific products, the export of bedding products, the largest category of goods, was US$6.78 billion, a decrease of 4.2%, accounting for 43.4% of total exports. Among other products, exports of blankets, table supplies, and kitchen supplies maintained rapid growth, with an increase rate between 12% and 28%. Exports of towels, carpets, and other decorative products maintained a slight growth, with an increase rate between 1% and 5.5%. Exports of curtain products fell sharply, with a decrease of 12.9%. In addition, in June, exports of bedding products and curtain products both experienced significant declines, with declines of 8% and 17% respectively.
2 Exports to the United States and Japan declined slightly, exports to Europe increased slightly, and exports fell in both months.
In the first six months, exports of home textile products to the United States were US$5.14 billion, a slight decrease of 0.66%, exports to the EU were US$2.08 billion, an increase of 1.6%, and exports to Japan were US$1.34 billion, a decrease of 2%. Judging from the single-month export situation, exports to the three major markets of the United States, Europe, and Japan all showed a downward trend in June, with declines of 7.2%, 4.9%, and 3.8% respectively.
Among other markets, exports to ASEAN, Africa and Oceania maintained growth, with an increase rate between 3% and 14.5%, while exports to Latin America dropped significantly, down 11.1% year-on-year.
3 The performance of major provinces and cities is uneven. Many provinces and cities have experienced single-month export declines for two consecutive months.
Zhejiang, Jiangsu, Shandong, Guangdong and Shanghai rank among the top five home textile export provinces and cities in the country, with different export performances. In the first half of the year, exports from Shandong and Guangdong maintained steady growth, with increases of 6.5% and 7.6% respectively. Exports from Zhejiang, Jiangsu and Shanghai declined, with decreases of 0.5%, 5.7% and 16% respectively. In addition, in June, except for Shandong, which increased by 0.6%, the exports of the other four provinces and cities showed a downward trend, with the decline ranging from 0.1% to 8.1%. Among them, Zhejiang, Jiangsu and Shanghai have experienced monthly declines in exports for two consecutive months.
Among other provinces and cities, Hunan, Xinjiang, Shaanxi, Sichuan and other provinces and cities have experienced rapid export growth, with an increase rate of more than 50%.
4 my country’s major market share in the United States, Europe and Japan has increased slightly
From January to May, the United States imported US$8.03 billion of home textile products, an increase of 4.9%, and the growth rate was 52 percentage points narrower than the same period last year. China ranked first in imports, with an import value of US$3.41 billion, an increase of 6.5%, 1.6 percentage points higher than the average import growth rate of the United States, accounting for 42.5% of the US import share, 0.46 percentage points higher than the same period last year. Among other countries, U.S. imports from Pakistan and Vietnam grew rapidly, with increases of 18.4% and 40% respectively.
From January to May, the EU imported US$4.93 billion of home textile products, an increase of 15.9%, and the growth rate narrowed 21 percentage points compared with the same period last year. China ranked first in imports, with an import value of US$1.75 billion, an increase of 17.9%, 2 percentage points higher than the EU’s average import growth rate, accounting for 35.6% of the EU’s import share, 0.6 percentage points higher than the same period last year. Among other countries, the EU’s imports from Pakistan, Bangladesh and Vietnam grew rapidly, with increases of 25.6, 30.9% and 48.6% respectively.
From January to May, Japan imported US$1.39 billion of home textile products, an increase of 1.8%, and the growth rate narrowed 11.5 percentage points compared with the same period last year. China ranked first in imports, with an import value of US$1.03 billion, an increase of 2.4%, 0.6 percentage points higher than Japan’s average import growth rate, accounting for 74.2% of Japan’s import share, 0.16 percentage points higher than the same period last year. Among other countries, Japan’s imports from Vietnam grew relatively quickly, with an increase of 5.2%.
Overall, my country’s home textile foreign trade exports have achieved steady development in the first half of this year, but at the same time, they will also face many uncertainties in the second half of the year.
Domestically: Epidemic control has been eased, and domestic logistics has gradually and comprehensively resumed, which will help Shanghai, Jiangsu and other provinces and cities in the Yangtze River Delta region to resume exports. However, international business exchanges are limited, and companies are struggling to expand new products, new customers, and new markets. etc. will still face certain pressure.
Internationally: After the global epidemic is lifted, the “stay-at-home consumption” effect will weaken, and home-based consumption will be replaced by out-of-home consumption, and overall demand will weaken; high inflation and rising inventories in major international consumer markets, led by the United States, will also affect the market outlook. and dealers’ purchasing intentions.
Against the background that China’s home textile foreign trade exports hit a record high last year, this year we should pay close attention to changes in international consumption and procurement trends, continuously improve our R&D and innovation capabilities, focus on ecological and environmental protection concepts, and accelerate transformation and upgrading to achieve stable and sustainable development of the industry.
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