China National Textile and Apparel Council: Cumulative Export of Textiles and Clothing to Reach 160.3 Billion US Dollars
Zhitong Finance APP has learned that on August 5th, the China National Textile and Apparel Council released an analysis of Chinese textile and clothing exports from January to June this year. According to the analysis, Chinese textile and clothing exports as a whole remained stable in the first half of the year, with a cumulative export value of 160.3 billion US dollars, remaining flat compared to last year.
Diversification of Product Performance
Clothing, carpets, bedding, towels, curtains, and tablecloths are China's main textile and clothing export products. In the first half of the year, except for a significant decline in exports of towels and tablecloths, other product exports remained stable.
US Market Continues to Decline
China's top five textile and clothing export markets are the US, EU, ASEAN, Japan, and Australia. From January to June this year, China exported 47.9 billion US dollars worth of textiles and clothing to the US, down 5.9% compared to last year, accounting for 29.9% of total exports. Exports to the EU increased by 9.9%, accounting for 13.8% of total exports.
Middle East, Central Asia, Africa, and Latin America Experience Rapid Growth
From January to June this year, China's textile and clothing exports to the Middle East rose 0.7%, while exports to Central Asia increased by 26.6%. Exports to Africa grew by 29.2%.
Zhejiang and Xinjiang Experience Stable Growth
China's top five textile and apparel export provinces are Zhejiang, Jiangsu, Shandong, Guangdong, and Shanghai. In the first half of the year, Zhejiang province saw exports increase by 6.4%, while Xinjiang province experienced a rise of 39.6%.
China's Share in US Market Decreases
In the first five months of this year, China's share of the US textile and apparel market decreased from 33% to 29.9%. The EU and Japan markets saw their shares increase by 15.3% and 2.1%, respectively.
Trend Outlook
This year has seen the United States impose various unilateral tariffs on China, leading to a significant decline in exports to the US market. In the first half of this year, the US market accounted for 29.9% of total textile and apparel exports, down from 33% last year.
Global Economy Still Faces Downward Risk
The International Monetary Fund has revised its global economic outlook for this year and next, predicting a growth rate of 3.0% and 3.1%, respectively, up 0.2 and 0.1 percentage points from the previous forecast.
China-US Tariffs May Continue to be Delayed
A consensus reached at the China-US trade talks held in Sweden on July 28-29 suggests that both sides will continue to push forward with previously suspended tariffs and Chinese retaliatory measures, with a delay of 90 days.
Tariff Stickiness Remains High
The new US tariffs announced by President Trump on July 31 aim to punish nearly 70 countries and regions for alleged unfair trade practices. The tax rates will range from 10% to 41%, affecting major textile and clothing export countries such as India, Vietnam, and Pakistan.
US Small-Value Exemption Policy Canceled
The US government announced on July 30 that it would cancel the exemption policy for small-value trade starting from August 29. The cancellation of this policy will have a significant impact on global e-commerce and traditional trade.