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According to customs statistics, in March 2024, China's export of textile yarns, fabrics and products was 10.383.8 billion US dollars; Exports of clothing and clothing accessories 10.434.1 billion US dollars, in March, China's textile and clothing exports fell by more than 20% year-on-year, not only from January to February 2024, textile and clothing exports since the momentum of sharp growth in 2024 abruptly ended (from January to February 2024, China's textile and clothing cumulative exports of 45.095 billion US dollars, an increase of 14%), And the decline was much bigger than anyone expected.
Industry analysis believes that the year-on-year growth rate of China's textile and clothing exports in March is mainly related to the following factors:
First, in March 2023, China's textile and apparel exports increased significantly from the previous month, and the export base was relatively high, resulting in difficult year-on-year growth in April this year. According to customs statistics, according to the US dollar in March 2023 textile and apparel exports 26.39 billion US dollars, a month-on-month increase of 82% (at the same time, indicating that China's textile and apparel exports are very weak in January-February 2023), an increase of 20% year-on-year, mainly by the epidemic control and comprehensive liberalization and repression of exports, foreign procurement enthusiasm concentrated release.
Second, since February, the performance of new export orders for textile and clothing was significantly less than expected, especially cotton textile and clothing traceability to the United States/European Union fell more significantly than in December and January, coupled with the crazy price reduction of brand clothing enterprises and retailers, so March textile and clothing exports fell more than 20% in advance of the "warning".
Third, the depreciation of the renminbi in March has a slightly greater impact on the textile and garment industry, which has small export profits and wins by volume, not only the new export orders tend to be cautious, but also the profits of the earlier contract are swallowed up. In March, both the onshore and offshore RMB exchange rates against the US dollar showed a downward trend, among which the offshore RMB exchange rate broke a number of integer marks in one day on March 22, to 7.28 "sprint", a daily decline of nearly 500 points, falling to a four-month low.
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