In the first three quarters of this year, China's home textile exports turned from an increase to a decrease, mainly due to weakening demand in the US and European markets, while other markets remained relatively stable.
Cumulative exports turned from an increase to a decrease; bedding and curtains, among other home products, saw a decline in exports.
From January to September, China's home textile exports totaled US$24.78 billion, a slight decrease of 0.23% year-on-year. Since the second quarter, the cumulative growth rate of home textile exports has narrowed month by month, and cumulative exports turned from an increase to a decrease for the first time in September.
In terms of specific products, bedding and curtains experienced significant declines, pulling down overall exports. The decline was 4.4% and 14.1% respectively. Tablecloths, kitchenware, and blankets suitable for outdoor use saw faster export growth, with increases of 17.3%, 14.1%, and 9.6% respectively, but the cumulative growth rate narrowed compared to the previous month. Towels, carpets, and other decorative products maintained a small increase, ranging from 0.3% to 6%.
Price increases supported exports. Export volume showed a downward trend.
In the first nine months of this year, except for a 6.2% decrease in the unit price of kitchenware exports, the unit price of other product categories increased. Among them, the unit price of curtains and carpets increased significantly, by 10.3% and 10.5% respectively, while the unit price of bedding and blankets saw a small increase, ranging from 1% to 5%.
In terms of export volume, the export volume of blankets, tablecloths, and kitchenware remained positive, with kitchenware showing the fastest growth at 21.6%. The export volume of bedding, curtains, towels, and carpets decreased, with bedding and curtains experiencing the largest declines at 8.6% and 22.1% respectively.
Monthly exports have declined for two consecutive months.
In September, home textile exports amounted to US$2.94 billion, a decrease of 6.6%, marking two consecutive months of decline, with the decline exceeding 6% in both months. From a monthly export perspective, last year's monthly exports generally showed a trend of low in the beginning and high at the end. Monthly export values in the fourth quarter all exceeded US$3 billion. Considering the current monthly export scale and overall export situation, it is expected that China's home textile exports will face significant downward pressure in the fourth quarter of this year.
The decline in exports to the US and EU further widened.
In the first nine months, home textile exports to the US totaled US$7.95 billion, a decrease of 6.5%, with the cumulative decline widening by 2.6 percentage points compared to the previous month. Exports to the EU totaled US$3.25 billion, a decrease of 2.9%, turning from an increase to a decrease compared to the previous month, with the cumulative decline widening by 3.4 percentage points. Exports to Japan totaled US$2.19 billion, an increase of 3.3%, with the cumulative growth rate increasing by 1.4 percentage points compared to the previous month.
Among other major markets, driven by the benefits of the RCEP, exports to ASEAN maintained rapid growth, reaching US$2.83 billion, an increase of 24%. ASEAN has surpassed Japan to become China's third-largest home textile export market. Exports to the UK and Russia declined significantly, both exceeding 20%.
Electric blanket exports surged, becoming a highlight.
Since the beginning of this year, against the backdrop of the fading "stay-at-home consumption" boom in international markets and a significant slowdown in home textile exports, China's electric blanket exports have surged against the trend, driven by factors such as the energy shortage and price surge in Europe caused by the Russia-Ukraine crisis. In the first three quarters, China exported US$340 million worth of electric blankets, a year-on-year increase of 33.4%, 33.7 percentage points higher than the growth rate of home textile exports (-0.3%), with exports to the US, EU, and UK surging by 43.4%, 51.6%, and 40.8% respectively.
Shanghai gradually recovered. The overall performance of the Yangtze River Delta region remains weak.
In the second quarter, exports in the Yangtze River Delta region slowed due to epidemic control measures. Since the third quarter, the decline in exports in various provinces and cities has narrowed, but the overall performance of the region remains weak. In the first nine months, Zhejiang, Jiangsu, Shandong, Shanghai, and Guangdong ranked among the top five provinces and cities in China's home textile exports. Shandong and Guangdong maintained steady export growth, with increases of 2.8% and 13.3% respectively. Zhejiang, Jiangsu, and Shanghai saw declines in exports, with decreases of 3%, 6.9%, and 10.2% respectively. After the decline in exports in the three provinces and cities narrowed at the end of the second quarter and the beginning of the third quarter, the decline widened further in September. Among other provinces and cities, Hunan, Hubei, Xinjiang, and Sichuan saw faster export growth, all exceeding 50%.
Overall market share remained stable. Growth rate lower than major competitors.
From January to September, the US imported US$12.79 billion worth of home textile products, a slight decrease of 0.58%, turning from an increase to a decrease. China remained the largest source of imports, with imports totaling US$5.67 billion, an increase of 0.8%, accounting for 44.3% of US imports, an increase of 0.6 percentage points compared to the same period last year. Among other countries, US imports from Pakistan and Vietnam increased significantly, by 9.8% and 24.4% respectively, with the growth rate narrowing compared to the previous month.
From January to September, the EU imported US$7.86 billion worth of home textile products, an increase of 12.1%, with the cumulative growth rate narrowing by 0.1 percentage points compared to the previous month. China remained the largest source of imports, with imports totaling US$2.87 billion, an increase of 10.6%, with the cumulative growth rate narrowing by 0.9 percentage points compared to the previous month, accounting for 36.5% of EU imports, a decrease of 0.5 percentage points compared to the same period last year. Among other countries, the EU saw faster import growth from Pakistan, India, Bangladesh, and Vietnam, with growth rates ranging from 12% to 32%.
From January to September, Japan imported US$2.3 billion worth of home textile products, an increase of 4.7%, with the cumulative growth rate increasing by 2.1 percentage points compared to the previous month, marking three consecutive months of improvement. China remained the largest source of imports, with imports totaling US$1.72 billion, an increase of 4.9%, with the cumulative growth rate increasing by 1.9 percentage points compared to the previous month, accounting for 74.5% of Japan's imports, remaining basically unchanged compared to the same period last year. Among other countries, Japan saw relatively faster import growth from Vietnam, with an increase of 12.2%.
Overall, since autumn, inventory pressure has increased among US and EU retailers, and new orders have remained at low levels. In October, the US Shippers' Report showed that order volume fell to its lowest point in 12 years, down 40% year-on-year, with home goods considered "high risk." However, with the arrival of the Christmas season, companies such as Walmart have stated that inventory levels have significantly improved compared to previous months, and they are confident about fourth-quarter sales. At the same time, falling shipping costs and improved transportation have created conditions for market recovery.
From the perspective of the domestic situation, since May of this year, the monthly export volume of home textile products has remained between US$2.8 billion and US$3.2 billion, maintaining overall stability. The fourth quarter of last year was a peak period for exports, with monthly export values exceeding US$3 billion. It is expected that the fourth quarter of this year and the full-year export value will see a slight year-on-year decline, but the overall export volume remains at a historically high level, and the industry as a whole will maintain stable operation and development.
