US apparel retail sales showed improvement in July 2023 compared to the previous month.

In the second quarter of this year, the US economy achieved an unexpected growth of 2.4%, maintaining a growth rate of over 2% for three consecutive quarters. Goldman Sachs, JPMorgan Chase, and S&P Global predict that the US economy will continue to grow in the third quarter, with an increase of between 2.2% and 2.5%.
In July, the US inflation rate increased by 3.2% year-on-year, slightly faster than the 3% in June. Preliminary results from the University of Michigan's consumer survey in August showed some optimistic data, with long-term inflation expectations fully "anchored." The New York Fed's consumer expectation survey in July also showed a decline in inflation expectations.
According to data from the US Department of Commerce, US retail sales increased by 0.7% month-on-month and 3.2% year-on-year in July, the largest increase since January 2023, achieving four consecutive months of growth, highlighting the continued resilience of US consumer spending.
However, there are signs that more and more American families are struggling financially. Data from the Federal Reserve Bank of New York shows that credit card debt has now exceeded US\$1 trillion, an increase of 16% from a year ago. Research by the Federal Reserve Bank of San Francisco shows that Americans have used up over 90% of the "excess savings" accumulated in 2020 and 2021, and the remaining savings will likely be depleted by the end of September.
Clothing and apparel stores: July retail sales were US\$25.96 billion, up 1% from the previous month and up 2.2% from the same period last year, marking the first year-on-year increase since March this year.
Furniture and home furnishing stores: July retail sales were US\$11.04 billion, down 1.8% from the previous month and down 6.3% from the same period last year, marking six consecutive months of year-on-year decline.
General merchandise stores (including supermarkets and department stores): July retail sales were US\$73.08 billion, up 0.8% from the previous month and up 2.5% from the same period last year. Department store retail sales were US\$10.98 billion, up 0.9% month-on-month and down 3.4% year-on-year.
Non-store retailers: July retail sales were US\$117.4 billion, up 1.9% from the previous month and up 10.3% from the same period last year.
In June, the inventory-to-sales ratio for US clothing and apparel stores was 2.39, down 0.4% from the previous month; the inventory-to-sales ratio for furniture, home furnishings, and electronics stores was 1.59, down 2.5% from the previous month, marking three consecutive months of decline. Walmart said that inventories were down 5% year-on-year at the end of the second quarter. Target's second-quarter inventory decreased by 17%. Home Depot reported that it expects full-year inventories to decrease by 11% year-on-year.
Data from US research firm Descartes Datamyne shows that the volume of seaborne container shipments from Asia to the US decreased by 13% year-on-year in July, a smaller decrease than the 20% decrease in April and May. There are signs of improvement in the flow of goods for furniture and clothing. Clothing shipments, which have slowed due to excess inventory in the US retail sector, decreased by 23% year-on-year in July, showing a continuous improvement trend compared to the 42% decrease in February.
The National Retail Federation said retailers are working through the last of the excess inventory accumulated over the past year and a half and will then need to replenish supplies. The federation predicts that imports into major US ports in November and December will exceed the same period last year for the first time since June 2022, with an expected 8% increase in container imports in November and 10.7% in December.

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The probability of a continued decline in US clothing orders is high.

Leaders from Xiamen C&D Group visited Tongzhou for investigation and guidance

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.

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Leaders from Xiamen C&D Group visited Tongzhou for investigation and guidance
Tongzhou Cotton Market Brief, Week 1 of March 2025

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.

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Tongzhou Cotton Market Brief, Week 1 of March 2025
In 2024, China's exports of dyed and printed fabrics to Vietnam and Bangladesh increased significantly.

In 2024, China's exports of dyed and printed fabrics to Vietnam and Bangladesh increased significantly.

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.

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In 2024, China's exports of dyed and printed fabrics to Vietnam and Bangladesh increased significantly.
President Huang Hongyu was invited to attend the 2025 Zhangjiagang Cotton Industry Development Conference

President Huang Hongyu was invited to attend the 2025 Zhangjiagang Cotton Industry Development Conference

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.

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President Huang Hongyu was invited to attend the 2025 Zhangjiagang Cotton Industry Development Conference

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