textile and clothing exports down 8.1% in 2023

China exported the equivalent of 293.6 billion dollars (269.4 billion euros) worth of textiles and clothing last year. This represents a fall of 8.1%, and of 2.9% adjusted for exchange rate effects, according to figures released by the Chinese textile sub-council CCPIT–Tex. Despite the challenges posed by the uncertainties affecting the global clothing market, CCPIT-Tex says it is confident that the gradual modernisation of its equipment and the move upmarket in its product range will help it to meet these challenges.

The lower figures for 2023 should be seen in the light of the exchange rate fluctuations that affected China during the year. The value of the dollar fell to 6.73 yuan in February before climbing to 7.34 yuan in September, before stabilising at around 7.10 yuan in early 2024. These fluctuations have accentuated the effects on exports of a Western market hit by inflation.

Last year, China exported a total of 134.5 billion dollars’ worth of goods in textiles alone, representing an increase of 8.3% in dollars and 3.1% in yuan. Clothing exports totalled $159.14 billion, according to CCPIT-Tex. This represents a fall of 7.8% in dollars and 2.8% in yuan.

These falls can be attributed to a very bad start to the year, when Beijing lifted the restrictions linked to its strict “zero Covid” policy. However, CCPIT-Tex notes that “from April 2023, positive monthly growth resumed, showing a marginal but significant improvement”. It points out that the year ended with a December marked by increases of 5.2% and 3.5% in textile and clothing exports compared to December 2022.

“At present, Chinese textile industry exports to major markets such as the United States and Asean (Association of Southeast Asian Nations) have stabilised,” notes the Chinese textile sub-council, which points to three months of consecutive 5% increases in textile-clothing exports to the United States. Exports to Asean, however, contracted by more than 10 points over the January-November period.

The figures also show that countries building the “New Silk Road” with China (including Bangladesh, Cambodia, Indonesia, Burma, Pakistan, the United Arab Emirates, Egypt and Turkey) account for more than 50% of China’s textile and clothing exports. “Exports to countries such as Russia, Kazakhstan, Saudi Arabia, Singapore, Algeria and others have performed exceptionally well,” adds the representative body of the Chinese textile industry.