China's fabric exports in Jan-Aug 2024 showed year-on-year growth
Fabric exports in the first eight months drove growth in intermediate goods exports
From the overall export situation of yarn and fabrics, in the first eight months of 2024, China's intermediate goods exports reached 54.06 billion USD, a year-on-year increase of 3.3%, mainly driven by fabrics. In terms of specific products, yarn exports reached 9.4 billion USD, down 0.5% year-on-year, while fabric exports reached 44.66 billion USD, up 4.1% year-on-year.
Intermediate goods imports turned from positive to negative in the first eight months
From the import perspective, China's intermediate goods imports increased significantly. In the first eight months, cumulative imports of yarn and fabrics totaled 5.33 billion USD, down 3.7% year-on-year. In terms of specific products, yarn imports amounted to 3.55 billion USD, down 4.6% year-on-year, while fabric imports reached 1.77 billion USD, down 2.1% year-on-year.
Intermediate goods exports increased and imports decreased in August
From the export perspective, in August, China exported 7.03 billion USD worth of intermediate goods, up 4.3% year-on-year, including 1.24 billion USD of yarn, up 3.3% year-on-year, and 5.79 billion USD of fabrics, up 4.6% year-on-year.
From the import perspective, in August, China imported 0.59 billion USD worth of intermediate goods, down 31.7% year-on-year, including 0.38 billion USD of yarn, down 40.5% year-on-year. In August, imports of cotton yarn decreased by 49.3% year-on-year. Fabric imports amounted to 0.21 billion USD, down 7.6% year-on-year.
August trade continued the pattern of "hot exports, cold imports"
In August 2024, China's composite PMI output index was 50.1%, down 0.1 percentage points from the previous month. Among the sub-items of the manufacturing PMI, only the finished goods inventory and new export order indices increased, while the raw material purchase price and factory price indices declined the most, and the production and operation activity expectation and procurement quantity indices also showed a significant decline. This means that the industrial sector currently still faces insufficient demand and passive inventory replenishment, and there are signs of weakening business expectations.
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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