In the first three quarters of the year, China's textile and apparel exports performed exceptionally well, with growth exceeding that of national goods trade.
The General Administration of Customs of China published data on national goods trade for January to September 2020 on October 13, 2020. In the first three quarters, exports of textiles and clothing achieved faster overall growth, exceeding the growth rate of national goods trade. In September, clothing exports continued to grow, while the growth rate of textile exports further slowed down as the global pandemic eased.
Overview of Textile and Garment Exports in the First Three Quarters
Textile and Garment Exports in RMB
From January to September 2020, the cumulative export of textiles and garments reached 1515.67 billion yuan, an increase of 12.2%. Among them, textile exports reached 828.78 billion yuan, an increase of 37.5%, while garment exports reached 686.89 billion yuan, a decrease of 8.1%.
In September, textile and garment exports reached 196.79 billion yuan, an increase of 14.5%. Among them, textile exports reached 91.23 billion yuan, an increase of 33.4%, while garment exports reached 105.56 billion yuan, an increase of 2.1%.
Textile and Garment Exports in USD
From January to September 2020, the cumulative export of textiles and garments reached 215.78 billion USD, an increase of 9.3%. Among them, textile exports reached 117.95 billion USD, an increase of 33.7%, while garment exports reached 97.83 billion USD, a decrease of 10.3%.
In September, textile and garment exports reached 28.37 billion USD, an increase of 18.2%. Among them, textile exports reached 13.15 billion USD, an increase of 35.8%, while garment exports reached 15.22 billion USD, an increase of 6.2%.
According to customs statistics, in the first three quarters, China's total import and export value of goods trade reached 23.12 trillion yuan, a year-on-year increase of 0.7%; among them, exports reached 12.71 trillion yuan, an increase of 1.8%; and imports reached 10.41 trillion yuan, a decrease of 0.6%.
Excellent Performance of Textiles, Garments, etc., in the First Three Quarters
Total Import and Export Value of National Goods Trade in RMB
From January to September 2020, the total import and export value of goods trade reached 23.1 trillion yuan, a year-on-year increase of 0.7%, with exports reaching 12.7 trillion yuan, an increase of 1.8%, and imports reaching 10.4 trillion yuan, a decrease of 0.6%.
In September, foreign trade imports and exports reached 3.06 trillion yuan, an increase of 10%, with exports reaching 1.66 trillion yuan, an increase of 8.7%, and imports reaching 1.4 trillion yuan, an increase of 11.6%.
Total Import and Export Value of National Goods Trade in USD
From January to September 2020, the total import and export value of goods trade reached 3.29 trillion USD, a year-on-year decrease of 1.8%, with exports reaching 1.81 trillion USD, a decrease of 0.8%, and imports reaching 1.48 trillion USD, a decrease of 3.1%.
In September, foreign trade imports and exports reached 442.52 billion USD, an increase of 11.4%, with exports reaching 239.76 billion USD, an increase of 9.9%, and imports reaching 202.76 billion USD, an increase of 13.2%.
Significant Contribution from the "Belt and Road" Initiative Markets
China's total imports and exports with countries along the "Belt and Road" reached 6.75 trillion yuan, an increase of 1.5%. Among them, exports reached 3.85 trillion yuan, an increase of 2.8%, while imports reached 2.9 trillion yuan, a decrease of 0.3%. Imports and exports with some major trading countries have achieved faster growth. For example, imports and exports with Vietnam, Turkey, Poland, and Thailand increased by 18.5%, 17.1%, 13%, and 10.9%, respectively. Among export goods, exports of electromechanical products reached 2.12 trillion yuan, an increase of 8%, accounting for 55% of China's total exports to countries along the "Belt and Road" during the same period.
Relatively Stable Sino-US Trade
In the first three quarters, the total value of Sino-US trade reached 2.82 trillion yuan, a year-on-year increase of 2%. Among them, exports to the US reached 2.18 trillion yuan, an increase of 1.8%, and imports from the US reached 640.86 billion yuan, an increase of 2.8%. In terms of export goods, in the first three quarters, exports of electromechanical products to the US reached 1.31 trillion yuan, an increase of 1.4%, accounting for 60% of the total exports to the US during the same period. Among them, exports of laptops reached 162.09 billion yuan, an increase of 14.4%, while exports of mobile phones reached 128.69 billion yuan, a decrease of 3.4%. During the same period, exports of labor-intensive products reached 547.14 billion yuan, an increase of 4.4%, and exports of medicines reached 20.13 billion yuan, an increase of 32.4%. In terms of imports, in the first three quarters, imports of agricultural products from the US reached 91.39 billion yuan, an increase of 44.4%.
Cross-border E-commerce Shows Strong Growth Against the Trend
As a new trade format, cross-border e-commerce has shown strong growth against the trend due to its online transactions, contactless delivery, and short transaction chains. It has played a positive role in helping foreign trade enterprises cope with the impact of the epidemic. During the epidemic, the import and export trade volume of cross-border e-commerce increased instead of decreasing, becoming an important force in stabilizing foreign trade. In the first three quarters, China's imports and exports through the customs cross-border e-commerce management platform reached 187.39 billion yuan, a year-on-year increase of 52.8%, including the 9710 and 9810 trade methods added on July 1 this year. Customs adheres to the principles of "inclusiveness, prudence, innovation, and collaboration", continuously innovating and optimizing regulatory systems to support the healthy and orderly development of new formats.
Overall Import and Export Performance Better Than Expected
First, foreign trade imports and exports have gradually stabilized, and the cumulative growth rate has turned from negative to positive.
In the first and second quarters of this year, China's import and export growth rates were -6.5% and -0.2%, respectively. In the third quarter, China's imports and exports reached 8.88 trillion yuan, a year-on-year increase of 7.5%, with exports reaching 5 trillion yuan, an increase of 10.2%, and imports reaching 3.88 trillion yuan, an increase of 4.3%. The total value of imports and exports, the total value of exports, and the total value of imports in the third quarter all reached record highs. Cumulative exports for the first eight months achieved positive growth, and cumulative imports and exports for the first three quarters achieved positive growth.
Second, the growth of imports and exports of private enterprises is significant, and their role as a "stabilizer" in foreign trade is becoming more prominent.
In the first three quarters, the imports and exports of private enterprises in China reached 10.66 trillion yuan, an increase of 10.2%, accounting for 46.1% of China's total foreign trade, an increase of 4 percentage points compared with the same period last year. Among them, exports reached 7.02 trillion yuan, an increase of 10%, accounting for 55.2% of total exports; imports reached 3.64 trillion yuan, an increase of 10.5%, accounting for 35% of total imports. Imports and exports of foreign-invested enterprises reached 8.91 trillion yuan, accounting for 38.5%. Imports and exports of state-owned enterprises reached 3.46 trillion yuan, accounting for 15%.
Third, imports and exports with major trading partners maintain growth, with ASEAN as China's largest trading partner.
In the first three quarters, imports and exports with ASEAN, the EU, the US, Japan, and South Korea reached 3.38 trillion yuan, 3.23 trillion yuan, 2.82 trillion yuan, 1.61 trillion yuan, and 1.45 trillion yuan respectively, with year-on-year growth rates of 7.7%, 2.9%, 2%, 1.4%, and 1.1% respectively. Among them, ASEAN is China's largest trading partner, accounting for 14.6% of China's total foreign trade. In addition, China's imports and exports with countries along the "Belt and Road" reached 6.75 trillion yuan, an increase of 1.5%.
Fourth, general trade imports and exports have increased, and the trade structure has been further optimized.
In the first three quarters, China's general trade imports and exports totaled 13.92 trillion yuan, an increase of 2.1%, accounting for 60.2% of China's total foreign trade value, an increase of 0.8 percentage points year-on-year. Of this, exports totaled 7.57 trillion yuan, an increase of 3.8%; imports totaled 6.35 trillion yuan, an increase of 0.1%. During the same period, processing trade imports and exports totaled 5.39 trillion yuan, a decrease of 6.4%.
Fifth, textiles and clothing performed well, and exports of epidemic prevention materials increased rapidly.
In the first three quarters, exports of seven major categories of labor-intensive products such as textiles and clothing totaled 2.59 trillion yuan, an increase of 5.4%, accounting for 20.4%, including textile exports of 828.78 billion yuan, an increase of 37.5%, which includes masks. In addition, exports of medicinal materials and medicines and medical instruments and equipment increased by 21.8% and 48.2%, respectively.
High expectations for textile and clothing exports
Some securities professionals said in their analysis of the market that in the coming period, the improvement in various sectors of the export chain may vary; mechanical equipment, electronic components, textiles and clothing, footwear, etc. deserve attention. This also shows from one aspect the high expectations for the future performance of textile and clothing exports.
Analysis points out that China mainly "replaces" Mexico, Germany and France and other industrial manufacturing countries. In the early stage, the commodities with a stronger "substitution effect" are mainly auto parts and chemical products. The subsequent improvement elasticity of exports of these commodities may be subject to certain constraints. In contrast, consumer goods with a relatively weak "substitution effect" in the early stage, such as textiles and clothing and footwear, and capital goods and intermediate goods with strong Chinese competitive advantages, such as mechanical equipment and electronic components, deserve attention.
Leaders from Xiamen C&D Group visited Tongzhou for investigation and guidance
On March 3, Wang Yongqing, Vice President of Xiamen CNOOC Group, visited Tongzhou Group for investigation and guidance. Wei Gangmin, Chairman of our company; Huang Hongyu, President; Li Tao, Vice President; and Zhang Zhiyan, Director of the General Office, met with and participated in a symposium.
Tongzhou Cotton Market Brief, Week 1 of March 2025
1) This week's National People's Congress and the Chinese People's Political Consultative Conference (NPC & CPPCC) in China boosted market expectations for steady growth. In February, the Purchasing Managers' Index (PMI) for manufacturing stood at 50.2%, up 1.1 percentage points from the previous month, indicating a significant improvement in the manufacturing sector.
In 2024, China's dyeing industry saw rapid export growth to ASEAN and RCEP member countries, exceeding the overall export growth rate. However, this growth was accompanied by a decline in prices. From January to December, China's exports of eight major dyeing products to ASEAN totaled 7.908 billion meters, a year-on-year increase of 12.14%, 4.61 percentage points higher than the overall export growth rate, accounting for 23.58% of total exports. The average export price was US\$1.19 per meter, a year-on-year decrease of 2.75%, 0.64 percentage points lower than the overall decline. Exports to RCEP member countries totaled 8.431 billion meters, a year-on-year increase of 11.35%, 3.82 percentage points higher than the overall export growth rate. The average export price was US\$1.17 per meter, a year-on-year decrease of 2.79%, 0.60 percentage points lower than the overall decline.
On February 28, Mr. Huang Hongyu, President of our company, was invited to attend the 2025 Zhangjiagang Cotton Industry Development Conference and, as a guest speaker at the "Xiangshan Roundtable," shared his views on the cotton market and trading opportunities.
Henan Tongzhou Cotton Industry Co., Ltd.
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