China's fabric exports rise in Q1 2024; Vietnam leads as top market

An analysis of trade data obtained from Fibre2Fashion's market insight tool TexPro indicated that China’s fabric exports increased by 1.98 per cent in January-March 2024, from $15.180 billion in the same period last year. The shipment had seen a steep fall in January-March 2023 compared to the corresponding period of 2022 when the trade was valued at $17.471 billion. Therefore, fabric exports from China saw a dip of 13.11 per cent in the first quarter of 2023. It recovered in the first three months of this year after the decline.

China exported fabric worth $65.817 billion in 2023, which was 8.35 per cent lower than the shipment of $71.820 billion in 2022. The shipment had earlier suffered a dent in 2020 when it dipped to $49.482 billion in 2020 from $60.655 billion in 2019. After the pandemic, it recovered to $66.470 billion in 2021 and further gained to $71.820 billion in 2022.

During the first quarter of the current year, Chinese fabric exports to Vietnam were noted at $2,559.405 million. The latter nation was the top market, with a share of 16.53 per cent of the total fabric exports from China in the said period. Among the top five markets, the shipment to Bangladesh was valued at $1,511.282 million (9.76 per cent), Cambodia $929.869 million (6.01 per cent), Indonesia $666.704 million (4.31 per cent), and Myanmar $493.005 million (3.18 per cent), according to TexPro.

The share of the next top five markets was as follows: Nigeria 2.88 per cent, India 2.86 per cent, UAE 2.77 per cent, Brazil 2.19 per cent, and the Philippines 2.04 per cent of the total fabric exports from China in the first three months of 2024.

ALCHEMPro News Desk (KUL)