China's textile and apparel exports to the US saw year-on-year growth in September 2024.
Data released by the US Bureau of Labor Statistics in October showed that US non-farm employment increased by 254,000 in September, the largest monthly increase since March. The US unemployment rate fell for the second consecutive month in September, to 4.1%. The Federal Reserve cut interest rates by 50 basis points at its September meeting, initiating a period of monetary easing and pledging further rate cuts. This decision reflects the Federal Reserve's growing confidence in achieving its economic goals. From January to September, exports to the US totaled $37.78 billion, a year-on-year increase of 5.7%. Among these, exports of needle-woven garments totaled $23.26 billion, a year-on-year increase of 4.6%, with export volume up 15.1% and export prices down 9.1%.
In September, exports of textiles and clothing to the US totaled $4.57 billion, an 8% year-on-year increase; the growth rate expanded by 2 percentage points compared to the previous month. Exports of needle-woven garments to the US totaled $2.82 billion, a year-on-year increase of 11.3%. Among these, export volume increased by 19.5% year-on-year, while export prices decreased by 6.9%, with the price decrease narrowing by 5 percentage points compared to the previous month. Looking at US import data, in August the US imported $11.53 billion worth of textiles and clothing globally, a year-on-year increase of 1.8%. Imports from China increased by 10%, from Vietnam by 3.1%, from India decreased by 0.3%, and from Bangladesh decreased by 0.6%. The shares of China, Vietnam, India, and Bangladesh were 29.9%, 14.3%, 7.4%, and 5.6%, respectively. In terms of quantity and price index, US imports increased by 8.8% in quantity and decreased by 6.4% in unit price this month.
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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