China’s declining textile export seems to be a continuous trend now. After falling by over 3.50 per cent on Y-o-Y basis in H1 ’21, the textile exports have seen massive decline in July ’21 as well.
According to the latest data of General Administration of Customs, China (GACC) that was further analysed by Apparel Resources, the country witnessed a sharp yearly fall of 26.78 per cent to clock US $ 11.69 billion revenues from its textile exports in July ’21.
Cumulatively from January to July period in 2021, the textile exports (yarns, fibres and fabrics) accommodated US $ 80.25 billion, plunging by around 11 per cent on Y-o-Y basis.
Commenting on the downfalling textile exports, some enterprises located in coastal areas such as Guangdong, Jiangsu and Zhejiang asserted that the price of cotton yarns rose sharply in June and July, and the bargaining power of domestic and foreign orders in the zone has been relatively low, of late.
In addition to the raw material price, what’s hurting Chinese exporters is skyrocketing ocean freight and surcharges. The fall is also attributed to the situation in North America and Europe where there is a serious backlog of cargo at ports that is delaying shipment and delivery.
This is one of the rare times when the value of Chinese textile exports remained far below the value of the country’s apparel exports – that are no short of an exhilarating turnover!
China’s apparel exports valued US $ 88.09 billion in January-July ’21 period, growing by 33 per cent from the same period of 2020. Particularly in July ’21, China shipped US $ 16.57 billion worth of apparels to world over, noting over 20 per cent Y-o-Y increase.
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