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

According to foreign media reports, the volatile US economic outlook has led to decreased consumer confidence in economic stability in 2023. This is likely the main reason why American consumers are forced to prioritize spending. Consumers are struggling to maintain disposable income for emergencies, which has also affected retail sales and imports of clothing.
Currently, sales in the fashion industry are declining significantly, which in turn has led US fashion companies to be cautious about import orders due to concerns about inventory buildup. According to statistics from January to April 2023, the US imported $25.21 billion worth of clothing from around the globe, down 22.15% from $32.39 billion in the same period last year.
In fact, the current situation is likely to persist for some time. The American Fashion Industry Association conducted a survey of 30 leading fashion companies between April and June 2023, most of which have over 1,000 employees. The 30 brands participating in the survey indicated that despite government statistics showing inflation in the US falling to 4.9% at the end of April 2023, customer confidence has not recovered, suggesting a low likelihood of increased orders this year.
2023 fashion industry research found that inflation and economic outlook were the top concerns among respondents. Furthermore, the bad news for Asian clothing exporters is that currently only 50% of fashion companies say they "might" consider raising purchase prices, compared to 90% in 2022.
The situation in the US is consistent with other parts of the globe, with the apparel industry projected to shrink by 30% in 2023—the global market size for apparel was $640 billion in 2022, projected to fall to $192 billion by the end of this year.
Another factor affecting US clothing imports is the US ban on apparel related to Xinjiang cotton production. By 2023, nearly 61% of fashion companies said they no longer source from China as their primary supplier, a significant change compared to about a quarter of respondents before the pandemic. About 80% said they plan to reduce sourcing apparel from China within the next two years.
Currently, Vietnam is the second largest supplier after China, followed by Bangladesh, India, Cambodia, and Indonesia. OTEXA data shows that China's clothing exports to the US fell by 32.45% year-on-year to $4.52 billion in the first four months of this year. While Vietnam benefits from the US-China standoff, its exports to the US also fell sharply by nearly 27.33% year-on-year to $4.37 billion, despite China being the world's largest clothing supplier.
The US is the second largest destination for ready-made garment exports from Bangladesh, and as the current situation shows, Bangladesh is facing persistent challenges in the ready-made garment sector. According to OTEXA data, Bangladesh earned $4.09 billion from ready-made garment exports to the US between January and May 2022, but this fell to $3.3 billion in the same period this year. Similarly, data from India also shows negative growth. India's ready-made garment exports to the US fell by 11.36% from $4.78 billion in January-June 2022 to $4.23 billion in January-June 2023.

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

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

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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