China's clothing exports in the first quarter of 2024 saw a decrease in volume and an increase in price.
Clothing export volume increased, price decreased
From January to March, the export value of knitted garments reached US\$15.06 billion, a year-on-year increase of 3.2%; the export quantity reached 4.87 billion pieces, an increase of 11.9%; and the export price decreased by 7.8% year-on-year. The export value of woven garments reached US\$14.55 billion, a year-on-year decrease of 0.6%; the export quantity reached 3.06 billion pieces, an increase of 13.7%; and the export price decreased by 12.6% year-on-year. The export value of clothing accessories reached US\$3.07 billion, a year-on-year decrease of 3%. The reasons for the increase in export volume and decrease in price are: firstly, the export price increase in the same period last year was relatively large, resulting in a high base; secondly, although the demand in the international market has rebounded, there is a preference for low-priced goods; and thirdly, the proportion of cross-border e-commerce exports with lower unit prices has significantly increased. From the export situation in March, the decline in export prices of knitted and woven garments slowed down, decreasing by 2.8% and 5.7% respectively, but the export quantity showed a significant decrease, decreasing by 11.3% and 16.1% respectively.
Export of underwear garments increased rapidly
From January to March, the export volume of shirts, T-shirts, and underwear increased significantly, with knitted T-shirts, shirts, underwear/sleepwear, and brassieres increasing by 27.8%, 9.5%, 11.4%, and 9.8% respectively. Exports of outerwear showed a significant decrease. Coats/winter clothes and suits/casual suits decreased by 18.3% and 9.7% respectively.
Exports to the United States and the European Union increased, while exports to Japan decreased
From January to March, China's exports to Western developed economies (US, Canada, EU, UK, Japan, Australia, and New Zealand) amounted to US\$17.54 billion, a year-on-year decrease of 1.1%. Exports to the United States amounted to US\$6.82 billion, a year-on-year increase of 1.9%; the proportion was 20.2%, an increase of 0.2 percentage points. Exports to the European Union amounted to US\$4.92 billion, a year-on-year increase of 0.9%; the proportion was 14.6%, remaining the same as the same period last year. Exports to Japan amounted to US\$2.86 billion, a decrease of 8.7%; the proportion was 8.5%, a decrease of 0.9 percentage points. Exports to the UK, Canada, and Singapore amounted to US\$9.6 billion, US\$5.2 billion, and US\$7.4 billion respectively, with increases of 5.1%, 7.7%, and 4.2% respectively. Exports to Australia and South Korea amounted to US\$12.8 billion and US\$14.2 billion respectively, with decreases of 11.6% and 6.4% respectively.
Exports to major emerging markets such as Central Asia and ASEAN maintained rapid growth. From January to March, exports to countries participating in the Belt and Road Initiative reached US\$15.22 billion, a year-on-year increase of 2.8%; the proportion was 45%, an increase of 0.8 percentage points. Exports to ASEAN amounted to US\$3.86 billion, a year-on-year increase of 6%; the proportion was 11.4%, an increase of 0.5 percentage points, with exports to Vietnam increasing by 11.5%. Exports to the five Central Asian countries amounted to US\$2.72 billion, a significant increase of 27%, with exports to Kazakhstan and Uzbekistan increasing significantly by 93.6% and 23% respectively. Exports to Russia amounted to US\$750 million, an increase of 0.8%. Exports to Africa amounted to US\$1.92 billion, a year-on-year decrease of 7.9%. Exports to Latin America amounted to US\$2.12 billion, a year-on-year decrease of 3.6%. Exports to the six GCC countries amounted to US\$1.23 billion, a year-on-year decrease of 4.3%.
Exports from central and western regions increased rapidly
From January to March, exports from the five provinces and one municipality in East China, except Guangdong and Shanghai, showed a growth trend. Exports from Zhejiang, Jiangsu, Shandong, and Fujian increased by 4.5%, 3.9%, 10.2%, and 2.7% respectively year-on-year. Exports from Guangdong and Shanghai decreased by 12.1% and 4.2% respectively year-on-year. The total share of the five provinces and one municipality in East China accounted for 75.2% of the national total, a year-on-year decrease of 0.3 percentage points. Exports from the 20 provinces and cities in central and western China increased by 4.5% in total, accounting for 21.2% of the total exports, an increase of 0.7 percentage points, with exports from Xinjiang, Hubei, and Guangxi increasing significantly by 38.5%, 58.8%, and 52.8% respectively.
China's market share in the US and EU markets rebounded
In January and February, my clothing accounted for 23% of the US import market share, a year-on-year increase of 2.2 percentage points; It accounted for 27.4% of the EU market share, an increase of 0.6 percentage points; 47.1% of the Japanese market share, a decrease of 1.6 percentage points; 24.2% of the UK market share, an increase of 0.1 percentage points; 61.2% of the Australian market share, an increase of 0.8 percentage points; and 28.6% of the Canadian market share, a decrease of 1.6 percentage points. In addition, market share increased in South Korea and Switzerland, accounting for 30.1% of the South Korean market share, an increase of 1.9 percentage points; and 27.5% of the Swiss import market share, an increase of 2.4 percentage points.
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.
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.
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.
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.
Henan Tongzhou Cotton Industry Co., Ltd.
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Henan Tongzhou Cotton Industry Co., Ltd.
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Email：tongzhou@tongzhoucotton.com
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