China's textile & garment exports down 9% to $245 bn in Jan-Oct 2023

In the January to October period of 2023, China's cumulative exports of textiles, garments, and accessories decreased, as reported by the General Administration of Customs of China. The exports dropped to $245.717 billion, a 9.21 per cent decline from the $270.672 billion recorded during the same period in 2022. 

This reduction spanned various categories, with garment exports experiencing an 8.7 per cent fall. Specifically, the exports of garments and accessories totalled $133.164 billion, down from $145.931 billion in the corresponding timeframe in 2022. 

Textile products, including yarn and fabric, also saw a significant decrease. The first ten months of 2023 recorded a 9.8 per cent year-on-year dip, lowering the total to $112.553 billion from $124.741 billion in the same period of 2022. 

In October 2023 alone, the exports amounted to $10.710 billion in textiles and $12.255 billion in garments. 

Moreover, China's imports of textile yarn and fabric products also declined, totalling $9.680 billion, 5.1 per cent less than the $10.201 billion in the first ten months of 2022. The import value for October 2023 was $1.067 billion. 

In 2022, the country's textile, clothing, and accessory sector saw modest growth of 2.53 per cent, with exports reaching $323.344 billion. This included $175.396 billion from garments and accessories and $147.948 billion from textile products like yarn and fabric. 

ALCHEMPro News Desk (KUL)