Insufficient external demand and extreme weather have significantly impacted clothing exports.

Insufficient external demand and extreme weather negatively impacted July's exports, while a high base figure further widened the decline.
The first month of the third quarter typically marks the start of the second half's export peak; the third quarter's export performance is a crucial indicator for the whole year. However, textile and garment exports in July lacked growth momentum, reaching only US\$27.0 billion. This continues the double-digit decline seen in May and June for a third consecutive month, widening to 18.3% year-on-year and only growing by 0.4% month-on-month. This is far below normal years before the pandemic.
The primary reason for the decline remains insufficient external demand. Looking at imports from the US, EU, and Japan, textile and garment imports in these three key markets fell by 23.6%, 13.5%, and 3.5% respectively in the first half of the year, with June showing a particularly sharp decline. Secondly, the extreme weather in July exacerbated the situation. Typhoons Talim and Doksuri successively landed in coastal and inland areas of China, causing widespread damage in the southeast and south China coast, key export regions. Many areas experienced flooding, leading to factory closures, port shutdowns, and delays in order fulfillment. Furthermore, the high year-on-year export base also contributed significantly to the sharp decline in July exports. Last July, export value, driven by both volume and price, reached US\$33.2 billion, a record high for a single month and the peak for the year.
July and August are likely to be the lowest point for textile and garment exports this year. We expect some positive factors to emerge afterwards. Firstly, although the US market remains weak, with China's market share in the US and the US's share of Chinese exports both declining, the US remains our largest single market. Its recovery and the extent of that recovery have an important leading role in global trade of both finished and intermediate products. Recently, the US economy has shown resilience, with inflation continuously falling and inventories down year-on-year, creating positive expectations for our exports. From the third quarter of 2022 to the second quarter of 2023, the US GDP's year-on-year growth rate was 3.2%, 2.6%, 2.0%, and 2.4% respectively, returning to positive growth;
The US CPI year-on-year growth rate in July fell to 3.2%, and the manufacturing inventory fell to -0.3% year-on-year in June. Secondly, the year-on-year base is gradually decreasing. Except for August, which remained relatively high, the export value in September to December fell below US\$30 billion, with year-on-year declines and a widening gap each month. The cumulative growth in the third quarter was 5.6%, and the cumulative decline in the fourth quarter was 14.6%, leaving room for export rebound in the fourth quarter of this year.
 

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

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Japanese clothing retail sales are significantly lower than pre-pandemic levels.

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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