Customs Information: China'S Textile And Clothing Exports Increased By 19.7% Year-On-Year In March

According to customs data, in March 2023, China's textile and clothing exports reached 26.39 billion US dollars, a year-on-year increase of 19.7%. The textile export volume was 12.905 billion US dollars, up 9.1% year on year; The export volume of clothing reached 13.655 billion US dollars, up 31.9% year on year. From January to February 2023, China's textile and clothing exports totaled US $40.842 billion, a year-on-year decrease of 18.6%, including textile exports of US $19.165 billion, a year-on-year decrease of 22.4%, and clothing exports of US $21.678 billion, a year-on-year decrease of 14.7%. Although the growth rate of textile and clothing exports in March was "from negative to positive", it still underperformed the overall growth rate of national exports in March (according to the General Administration of Customs, China's exports in March grew 23.4% year-on-year).

In February and March, China's cotton textile and clothing industries reported that the newly added export orders were still dominated by short orders, loose orders and small orders. On the premise of a relative lack of orders from the medium and long term, the textile and clothing exports in March turned 180 degrees, much more than expected? According to industry analysis, in addition to the low export base of textiles and clothing in the same period last year, it is also directly related to the following factors:

First, the export orders from 2022 to January 2023 are delayed. Although China's epidemic prevention and control policies have been comprehensively optimized since December 2022, due to the uncertainty of the situation, international purchasers and domestic textile and clothing enterprises have a strong wait-and-see atmosphere and dare not place or accept orders easily; In addition, due to the impact of the epidemic in three years, the production, sales and product inventory of a large part of textile and clothing enterprises are in an unreasonable state, and recovery also needs a process.

Second, due to the influence of the Spring Festival holiday in late January, exports were extended to March. In recent years, since enterprises need time to recruit workers, purchase raw materials, price and receive orders after the Spring Festival, it will take 15-30 days to fully return to the right track. Therefore, textile and clothing exports in the second month after the Spring Festival generally show a significant growth momentum, and this year is no exception.

Third, the RMB exchange rate continued to depreciate in March, which is conducive to the export of textiles and clothing. According to statistics, on March 30, the offshore RMB weakened rapidly, falling below 6.90, and depreciated more than 100 points within the day; The onshore RMB fell below 6.90 (the depreciation rate of RMB against the US dollar was 0.47% in February and accelerated significantly in March).

Fourth, textile and clothing exports to Africa, Europe, the United States, Japan and other countries showed strong performance. In January and February, although China's exports to the EU market decreased by 33% year on year, its exports to the United States market decreased by 31% year on year, and its exports to Japan also decreased by 11% year on year, the textile and clothing exports to the "Belt and Road" countries, ASEAN countries, and Southeast Asian countries were good. For example, exports to Russia increased by 4.8% year on year, exports to Brazil increased by 11% year on year, exports to Saudi Arabia increased by 23% year on year, and exports to Singapore increased by 105% year on year. In March, textile and clothing exports continued the trend of "the East is not bright and the West is bright".