China Raw Silk Exports
In June 2023, China’s raw silk exports dropped to 307 tonnes, a 12% decrease from the previous month. Exports overall experienced a substantial decline. The increase of 73% m-o-m in March 2023 was the highest growth rate ever observed.
In terms of value, raw silk exports decreased to $18M in June 2023 (IndexBox estimates). Exports generally experienced a considerable decline. When exports rose 76% month over month in March 2023, the rate of expansion seemed to be the fastest.
Exports by Country
The top three countries for China’s raw silk exports were Vietnam (67 tonnes), India (107 tonnes), and Romania (72 tonnes), which accounted for 80% of all exports.
Between June 2022 and June 2023, Romania witnessed the highest rate of growth in terms of exports among the major destination countries (with a CAGR of +12.0%), while the other market leaders saw a variety of trend patterns.
In terms of value, Vietnam ($3.8M), India ($6.4M), and Romania ($4.4M) jointly accounted for 79% of China’s total exports of raw silk.
According to the main countries of destination during the reviewed period, Romania’s export value increased at the greatest CAGR of +10.6%, while shipments to the other market leaders showed a variety of trend patterns.
Export Prices by Country
The price of raw silk in June 2023 was $60,122 per tonne (FOB, China), down -3.4% from the previous month. The export price, however, generally showed a flat trend pattern. The average export price climbed by 6.5% from month to month in August 2022, which was the month with the fastest gain. In April 2023, the export price reached a high of $65,164 per tonne; however, from May to June 2023, the export price lost steam.
For the main external markets, average prices varied significantly. Italy and Myanmar had the highest prices in June 2023 ($65,920 and $61,775 per tonne, respectively), while Bangladesh and Vietnam had some of the lowest costs ($56,216 and $56,699, respectively).
The price growth for supplies going to Myanmar was the most noticeable from June 2022 to June 2023 (+0.8%), while the price growth for the other key destinations was more moderate.
