Exports of textiles and clothing fall by 8.1% in 2023

Last year, China exported the equivalent of 293.6 billion dollars (269.4 billion euros) in textiles and clothing. This represents a drop of 8.1% and 2.9% discounting exchange rate effects, according to figures published by the Chinese textile sub-council CCPIT-Tex. Despite the challenges posed by the uncertainties affecting the global apparel market, CCPIT-Tex is confident that the gradual modernization of its equipment and the rise of its product range will help it meet these challenges.

The lower figures for 2023 should be seen in 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 rising to 7.34 yuan in September, before stabilizing 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 in goods in textiles alone, representing an increase of 8.3% in dollars and 3.1% in yuan. Clothing exports amounted to $159.14 billion, according to CCPIT-Tex. This represents a drop of 7.8% in dollars and 2.8% in yuan.

These declines can be attributed to a dismal start to the year, when Beijing lifted restrictions linked to its strict “zero Covid” policy. However, CCPIT-Tex notes that “as of 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, the Chinese textile industry's exports to important markets such as the United States and Asean (Association of Southeast Asian Nations) have stabilized,” says the Chinese textile sub-council, which points to three months of consecutive increases of 5 % in the textile sector. Clothing exports to the United States. However, exports to ASEAN contracted more than 10 points during the January-November period.

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 textile exports and clothing from China. “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.