China's textile exports to ASEAN soar but imports stagnant

Last week, Chinese vice minister of commerce, Li Fei, informed the media that the trade volume between China and ASEAN had surged 120 per cent over 10 years, escalating from $443.6 billion in 2013 to $975.3 billion in 2022 

China exported apparel worth $9.199 billion in 2019. This figure jumped 79.47 per cent to $16.510 billion in 2022. Even in the COVID-affected year of 2020, the shipment rose to $10.446 billion, further increasing to $13.200 billion in 2021 and $16.510 billion in 2022. From January to May 2023, China exported apparel worth $6.545 billion, according to Fibre2Fashion's market insight tool TexPro. 

In contrast, China's apparel imports from ASEAN have been largely stagnant for the past four years. The inbound trade was recorded at $2.764 billion in 2022, which was nearly the same as the $2.789 billion recorded in 2019. The country imported apparel worth $2.543 billion in 2020 and $2.961 billion in 2021. 

Home textile exports from China to ASEAN countries surged 95.95 per cent to $5.283 billion in 2022, compared to $2.696 billion in 2019. The figure rose to $4.723 billion in 2020 and $5.196 billion in 2021. During the first five months of 2023, the shipment was valued at $1.964 billion, according to TexPro. 

Meanwhile, home textile imports from ASEAN into China remained negligible during the period under review. The trade was recorded at $89.761 million in 2019, $191.610 million in 2020, $81.584 million in 2021, and $86.323 million in 2022. For January-May 2023, the trade amounted to $32.968 million. 

Textile-producing countries like Cambodia, Indonesia, Thailand, and Vietnam, also members of ASEAN, have limited presence in the Chinese textile market. 

ALCHEMPro News Desk (KUL)