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Tuesday, July 23, 2024

China’s textile & garment exports jump 14.3% in 2024

Recent data from the General Administration of Customs reveals a significant surge in China’s textile and garment exports in 2023, outpacing the growth rate of total goods trade. China’s textile and apparel exports reached 45.1 billion US dollars in the first two months of 2024, up by 14.3% year over year. The growth rate increased by 32.8% over the same period in 2023, outpacing the export growth rate of the total goods trade by 7.2%, according to recent data from the General Administration of Customs.

Among them, apparel exports totaled 23.38 billion US dollars, growing 13.1% year over year, and textile exports totaled 21.71 billion US dollars, growing 15.5% year over year.

There were slight escalations in textile raw material prices have contributed to the surge in export value and market recovery signals noted by companies at the start of the year have bolstered export activities.

Notably, there are some reasons behind this incredible growth of China’s textiles and garments:

  • Most textile raw material prices have slightly increased compared to the same period last year, contributing to the increase in export value to some extent.
  • Market orders have shown signs of recovery since the beginning of the year, as reported by some companies.
  • The export data of textiles and apparel in the first two months of each year are greatly influenced by factors such as seasons and holidays, leading to significant fluctuations.

However, the textile industry’s foreign trade is still under pressure, as insufficient export orders continue to be the primary difficulty faced by textile enterprises.

Amidst the commendable export growth in China’s textiles and garments sector, the industry must navigate challenges and seize opportunities for advancement. By proactively adapting to market dynamics, optimizing trade strategies, and exploring new avenues for growth, textile enterprises can propel high-quality development in foreign trade, reinforcing China’s position as a key player in the global textile market.

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