Clothing export volume and price increase and decrease in January-February 2024

Clothing export volume increased, but prices fell
 
Both woven and knitted garment exports saw double-digit growth, with export volume increasing more significantly, but prices fell considerably. In the first two months of the year, knitted garment exports totaled US\$10.3 billion, a year-on-year increase of 13.5%; the export volume reached 3.45 billion pieces, an increase of 25.5%; and the export price decreased by 9.6% year-on-year. Woven garment exports totaled US\$10.18 billion, a year-on-year increase of 11.7%; the export volume reached 2.18 billion pieces, a year-on-year increase of 32.9%; and the export price decreased by 15.9% year-on-year. Apparel accessories exports totaled US\$2.15 billion, a year-on-year increase of 12.7%. The reasons for the increase in export volume and decrease in price are threefold: firstly, the export price increase in the same period last year was relatively large, resulting in a high base; secondly, while international market demand has rebounded, there is still a preference for low-priced goods; and thirdly, the proportion of cross-border e-commerce exports with lower unit prices has significantly increased.
 
Significant increase in underwear exports
 
In the first two months of the year, the growth in outerwear exports was relatively small, while the growth in shirts and underwear exports was relatively large. Exports of coats/winter clothing decreased by 12.3%, and exports of suits/casual suits only increased by 4%. However, knitted T-shirts, shirts, underwear/sleepwear, and bras saw significant export growth, with increases of 41.2%, 20.9%, 20.6%, and 21%, respectively.
 
Faster export growth to the US and EU, decline in exports to Japan
 
In the first two months of the year, China's exports to Western developed economies (US, Canada, EU, UK, Japan, Australia, and New Zealand) totaled US\$12.38 billion, a year-on-year increase of 10.6%. Exports to the US totaled US\$4.81 billion, a year-on-year increase of 18.8%, accounting for 20.6% and an increase of 1.1 percentage points. Exports to the EU totaled US\$3.71 billion, a year-on-year increase of 14%, accounting for 15.9% and an increase of 0.2 percentage points. Exports to Japan totaled US\$1.77 billion, a decrease of 9.5%, accounting for 7.6% and a decrease of 1.8 percentage points. Exports to the UK and Canada reached US\$0.69 billion and US\$0.38 billion, respectively, with increases of 18.5% and 15.7%, respectively. Exports to Australia, South Korea, and Singapore decreased, with amounts of US\$0.89 billion, US\$0.78 billion, and US\$0.37 billion, respectively, decreasing by 0.5%, 7%, and 4.9%, respectively.
 
Exports to major emerging markets maintained growth. In the first two months, exports to countries along the Belt and Road totaled US\$6.86 billion, a year-on-year increase of 18.9%, accounting for 29.3% and an increase of 1.5 percentage points. Exports to ASEAN totaled US\$2.08 billion, a year-on-year increase of 6.3%, accounting for 8.9% and a decrease of 0.5 percentage points. Exports to the five Central Asian countries totaled US\$1.91 billion, an increase of 37.5%, with exports to Kazakhstan and Turkmenistan increasing significantly by 133.1% and 44.3%, respectively. Exports to Russia totaled US\$0.58 billion, an increase of 14.8%. Exports to Africa totaled US\$1.41 billion, a year-on-year increase of 11.5%. Exports to Latin America totaled US\$1.67 billion, a year-on-year increase of 14.2%. Exports to the six GCC countries totaled US\$0.98 billion, a year-on-year increase of 18.2%.
 
Faster export growth in central and western regions
 
In the first two months, exports from the five provinces and one municipality in eastern China, except Shandong, showed growth. Exports from Zhejiang, Guangdong, Jiangsu, Fujian, and Shanghai increased by 23.5%, 11.3%, 14.8%, 12%, and 6.7% year-on-year, respectively, while exports from Shandong decreased by 4.9%. The combined exports from the five provinces and one municipality accounted for 74.9% of the national total, an increase of 0.1 percentage points year-on-year. The combined exports from the 20 provinces and municipalities in central and western China increased by 14.5%, accounting for 21.5% of the total exports, an increase of 0.3 percentage points. Among them, Xinjiang, Hubei, Sichuan, and Guangxi saw significant increases of 51.3%, 77.3%, 67%, and 85%, respectively. In the first two months, Xinjiang's total export volume surpassed that of Shandong and Shanghai, making it the fifth largest exporting province or municipality.

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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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