US clothing retail sales were flat month-over-month in October 2023.

The US economy showed strong growth in the third quarter, with GDP exceeding expectations at an annualized rate of 4.9%, up from 2.1% and higher than the projected 4.3%. However, concerns remain about a potential moderate slowdown in economic growth during the fourth quarter. In October, the US Consumer Price Index (CPI) remained flat month-over-month, while increasing by 3.2% year-over-year. Core CPI rose 0.2% month-over-month and 4.0% year-over-year.
According to the US Department of Commerce, retail sales fell 0.1% month-over-month in October, marking the first monthly decline since March. Specifically, gasoline station sales decreased by 0.3%, and furniture and home furnishing sales experienced a significant drop of 2.0%. The decline in October retail sales indicates a cooling of the summer consumer boom as the holiday shopping season approaches, but it still outperformed expectations, suggesting that US consumers retain some spending power.
The National Retail Federation (NRF) predicts that holiday sales in US online and physical stores in November and December are expected to grow by 3% to 4%, the slowest growth in five years. Adobe Analytics data shows that online spending during Black Friday is projected to increase by 5.7%, reaching approximately $9.6 billion. A report by fintech company Finder estimates that 132 million Americans are expected to shop during pre-holiday promotions such as Black Friday and Cyber Monday this year, 80 million fewer than last year.
Clothing and apparel stores: October retail sales totaled $26.11 billion, remaining flat month-over-month and increasing by 0.8% year-over-year.
Furniture and home furnishing stores: October retail sales totaled $10.62 billion, decreasing by 2% month-over-month and falling by 11.8% year-over-year, with the decline widening.
General merchandise stores (including supermarkets and department stores): October retail sales totaled $735.3 billion, decreasing by 0.2% from the previous month and increasing by 1.9% year-over-year. Department store retail sales reached $10.9 billion, decreasing by 1.2% month-over-month and 4.1% year-over-year.
Non-store retailers: October retail sales totaled $1180.4 billion, increasing by 0.2% month-over-month and growing by 7.6% year-over-year.
In September, the inventory-to-sales ratio for US clothing and apparel stores was 2.39, up 1.7% from the previous month; the inventory-to-sales ratio for furniture, home furnishings, and electronics stores was 1.56, down 0.6% from the previous month.
Inventory levels among major brand retailers have seen a significant decline, with destocking expected to conclude gradually in the third and fourth quarters. As of September 30, Under Armour's inventory increased by 6% year-over-year, compared to a 38% year-over-year increase in the previous quarter, and inventory is projected to be lower than last year's levels in the final two quarters of the fiscal year; as of August 31, Nike's inventory value was $8.698 billion, down 10% year-over-year; as of October 31, Walmart's inventory increased by 13%, although sales growth outpaced inventory growth; Target's inventory at the end of the third quarter was down 14% from the previous year; and at the end of the third quarter, Home Depot's merchandise inventory was $22.8 billion, down $2.9 billion or 11% compared to the third quarter of 2022.

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China's dyed fabric output increased year-on-year from January to September 2023

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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