According to the latest data from the General Administration of Customs, textile and garment exports declined more than expected in July when the base figure was low. In US dollars, textile and garment exports in the same month were 26.8 billion US dollars, which changed from positive to negative year-on-year, down 0.5%.
The Zhitong Finance App learned that on August 7, the China Chamber of Commerce for Import and Export of Textiles reported that the latest data from the General Administration of Customs showed that textile and garment exports declined more than expected in July when the base was low. In US dollars, textile and garment exports in the same month were 26.8 billion US dollars, which changed from positive to negative year-on-year, down 0.5%. Negative export growth was mainly dragged down by the decline in garment exports. In the same month, clothing exports fell 3.6% year on year, and textile exports increased 4% year on year. According to preliminary analysis, the main reason for the decline in clothing exports is the rapid decline in export prices. In the second quarter, overall clothing export prices fell by 9.3%, and the downward trend continued into the third quarter. In January-July, cumulative textile and garment exports increased by 1.1% year-on-year, with textile exports increasing by 3.3% and garment exports falling by 0.8%.
Textiles and clothing exports are measured in RMB:
From January to July 2024, textile and garment exports totaled 1206.82 billion yuan, an increase of 3.7% over the same period last year (same). Among them, textile exports were 574.53 billion yuan, an increase of 6%, and clothing exports were 632.29 billion yuan, an increase of 1.6%. In July, textile and garment exports were 190.69 billion yuan, down 1.5% year on year and 2% month on month. Among them, textile exports were 82.14 billion yuan, up 3% year on year, down 5.6% month on month, and clothing exports were 108.55 billion yuan, down 4.6% year on year and 0.9% month on month.
Textiles and clothing exports in US dollars:
From January to July 2024, textile and garment exports totaled 169.84 billion US dollars, an increase of 1.1%, including textile exports of 80.86 billion US dollars, an increase of 3.3%, and clothing exports of 88.98 billion US dollars, a decrease of 0.8%. In July, textile and garment exports were 26.8 billion US dollars, down 0.5% year on year and 2.2% month on month. Among them, textile exports were 11.54 billion US dollars, up 4% year on year, down 5.8% month on month, and clothing exports were 15.25 billion US dollars, down 3.6% year on year and 0.7% month on month.