China's textile and apparel exports down 18.5% year-on-year in 2023

According to today's statistical flash from the General Administration of Customs, China's textile and apparel exports from January to February this year were US$40.84 billion, down 18.5 % year-on-year (11.6% year-on-year in RMB terms). Among them, textile exports were US$19.16 billion, down 22.4% year-on-year (15.9% year-on-year in RMB terms); garment exports were US$21.68 billion, down 14.7% year-on-year (7.5% year-on-year in RMB terms). This year, against the backdrop of the global economic downturn, the consumption power and consumer confidence in major developed markets have been suppressed. At this stage, our industry's foreign exports are still affected by factors such as weak demand and insufficient orders, and will remain under pressure for some time to come.
 

However, at the same time, China's consumption, steadily improving macro fundamentals and policy dividends to boost confidence in the textile and apparel consumer market to play a positive role. The China Manufacturing PMI (Purchasing Managers' Index) released by the National Bureau of Statistics rose to 52.6% in February, two consecutive months in the expansionary range, with the new orders index at 54.1%, indicating that the manufacturing market demand is expected to gradually recover.