According to today’s statistical update from the General Administration of Customs, from January to May this year, the country’s textile and apparel exports reached US$125.07 billion, a year-on-year increase of 11.2% (a year-on-year increase of 9.1% in RMB). Among them, textile exports were US$62.85 billion, a year-on-year increase of 12.1% (a year-on-year increase of 10% in RMB); clothing exports were US$62.22 billion, a year-on-year increase of 10.2% (a year-on-year increase of 8.1% in RMB).
Thanks to the implementation of a package of policies to stabilize the economy and foreign trade introduced by the country since the end of April, as well as the improvement of the domestic epidemic situation, the national logistics transportation and supply chain have been well repaired, and my country’s textile and apparel exports performed better than expected in May.
In May, the country’s textile and apparel exports totaled US$29.23 billion, a year-on-year increase of 20.4% (a year-on-year increase of 18.6% in RMB) and a month-on-month increase of 23.9%. Among them, textile exports were US$14.03 billion, a year-on-year increase of 15.8% (a year-on-year increase of 14% in RMB) and a month-on-month increase of 14.4%. Clothing exports amounted to US$15.2 billion, a year-on-year increase of 24.9% (a year-on-year increase of 23.1% in RMB), and a month-on-month increase of 34.2%.
Since the beginning of this year, my country’s import and export trade has achieved steady growth, and the foundation for maintaining stability and improving the quality of foreign trade has continued to be consolidated. In May, the country’s exports of goods increased by 16.9% year-on-year, and the growth rate of clothing exceeded the national average level of exports of goods by 8 percentage points. On May 25, the State Council held a national video and telephone conference on stabilizing the economy, requiring that stabilizing growth be given a more prominent position, efforts should be made to protect market players, employment and people’s livelihood, and China’s economic resilience. On June 8, the National Standing Committee deployed measures to further stabilize foreign trade and foreign investment and improve the level of opening up to the outside world. The meeting pointed out that while implementing the policies that have been introduced to stabilize foreign trade and foreign investment, we must further increase support to promote the stability and improvement of foreign trade. The implementation of relevant domestic policies will provide favorable support for the development of foreign trade in the industry.
Looking to the international front, the foreign trade situation faced by the industry is still complex and severe. Since April, the United Nations, World Trade Organization (WTO), and IMF have all lowered their growth expectations for global economic and trade in 2022. At the same time, the textile supply chain of Southeast Asian and South Asian countries has continued to recover since this year, and exports to markets such as the United States and Europe have grown rapidly. It is expected that in the second half of the year, our industry’s export trade will still face greater competitive pressure and unstable factors.
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