[ Summary of the situation of intermediate products ]
From January to March, the growth rate of intermediate exports narrowed, and imports continued to grow
From the overall export situation of yarn fabrics, the export scale of intermediate products has steadily expanded. From January to March 2024, the export of my yarn fabric was 18.47 billion US dollars, an increase of 1.8%, and the growth rate narrowed. In terms of specific products, yarn exports were $3.29 billion, down 6% year-on-year, and fabric exports were $15.18 billion, up 3.7% year-on-year.
From the import situation, the import of intermediate goods increased significantly, from January to March, the cumulative import of yarn fabrics was 2.03 billion US dollars, an increase of 29.9%, mainly driven by yarn imports. From the point of view of specific products, yarn imports were 1.43 billion US dollars, an increase of 48.3%, and fabric imports were 600 million US dollars, down 0.4%.
Exports of intermediate goods fell in March while imports rose
From the export situation, affected by the high base, textile and garment exports failed to continue the growth trend of the previous two months, in March alone, I exported intermediate goods 5.73 billion US dollars, down 20.1%, including the export of yarn 1.18 billion, down 10.7%, the export of fabric 4.55 billion US dollars, down 22.2%.
From the import situation, in March alone, I imported intermediate goods 860 million US dollars, an increase of 15.1%, including imported yarn 610 million US dollars, an increase of 21.3%, mainly by cotton yarn, imported fabrics 250 million US dollars, an increase of 2.1%.
Exports are off to a steady start, but uncertainties remain
From the perspective of the export trend of intermediate goods, the first quarter started relatively stable, but it still faces risks such as uncertain external demand and increased geopolitical conflicts, and there is uncertainty about the full recovery of foreign trade. In addition, enterprises are faced with raw material price fluctuations, costs can not be transmitted downward, profits decline, the overall operating profit in the decline range. The manufacturing PMI index from April 2024 was 50.4, down 0.4 points from the previous month; Among them, the production index increased from the previous month, and the new order index fell from the previous month. Judging from the PMI data, the current foundation of China's economic recovery needs to be further consolidated. The manufacturing sector still faces the problem of insufficient demand and high costs.
[ Export situation ]
From January to March 2024, the growth rate of fabric exports narrowed
From January to March, textile and garment exports were 65.91 billion US dollars, up 1.8% year-on-year, and textile exports were 32.09 billion US dollars, up 2.5% year-on-year; Garment exports were $33.82 billion, up 1.1% year on year. Among the four categories of commodities, yarn exports fell by 6%, fabric exports increased by 3.7%; Exports of home textiles and knitwear increased by 3.1% and 1.3%, respectively.
Affected by the recovery of demand in Europe and the United States, our fabric exports to Southeast Asia have resumed growth
Asia is the main market for my fabric exports. From January to March 2024, I exported 10.31 billion US dollars of fabrics to Asian countries, accounting for 67.9% of the total fabric exports. Asia accounted for eight of the top 10 target market exports. Vietnam, as the largest single market for our fabric exports, accounted for 25.1% of our fabric exports to the world, with exports of $2.59 billion, an increase of 9.8%.
From January to March, my fabric exports to Indonesia, Myanmar and Nigeria declined, down 4.5%, 10.1% and 3.4% respectively. Cambodia and the United Arab Emirates showed outstanding growth, increasing by 24.9% and 37.2% respectively.
The export of chemical fiber woven fabrics resumed growth, while the export of cotton products declined
From the perspective of major products, from January to March, the exports of chemical fiber woven fabrics and cotton products were 67.5 billion and 2.32 billion US dollars, an increase of 7.1% and a decrease of 6.1%. Silk woven fabric exports were US $80 million, down 21.7%; The export value of wool and animal wool woven fabrics was US $60 million, down 11.7%.
The top five export provinces and cities except Shandong fabric exports have increased
The southeast coast is the main area for fabric exports, Zhejiang, Jiangsu, Guangdong, Fujian and Shandong, the top five export provinces accounted for more than 85%. The export growth of Zhejiang, Jiangsu, Guangdong, Fujian and Shandong was 5.1%, 7%, 1.4%, 4.2% and -14.3%, respectively.
(Information source: Fabric Branch of China Textile Import and Export Chamber of Commerce)