According to China Customs statistics, from January to December 2022, my country’s clothing (including clothing accessories, the same below) exported a total of 175.43 billion US dollars, a year-on-year increase of 3.2%. Under the complicated situation at home and abroad, and under the influence of last year’s high base, it is not easy for clothing exports to maintain a certain growth in 2022. In the past three years of the epidemic, my country’s clothing exports have reversed the trend of declining year by year since reaching the peak of 186.28 billion US dollars in 2014. The export scale in 2022 will increase by nearly 20% compared with 2019 before the epidemic, which fully reflects the impact on the global supply chain since the outbreak. Under the circumstances of the shock and the imbalance between supply and demand in the market, China’s garment industry has the characteristics of great resilience, sufficient potential and strong competitiveness.
Looking at the export situation in each month in 2022, it shows a trend of high first and then low. Except for the decline in export in February due to the impact of the Spring Festival, the export in each month from January to August maintained growth, and the export in each month from September to December showed a downward trend. In the month of December, clothing exports were US$14.29 billion, a year-on-year decrease of 10.1%. Compared with the declines of 16.8% in October and 14.5% in November, the downward trend is slowing down. In the four quarters of 2022, my country’s clothing exports were 7.4%, 16.1%, 6.3% and -13.8% year-on-year respectively. increase.
Exports of cold-proof and outdoor clothing grew rapidly
Exports of sports, outdoor and cold-proof clothing maintained rapid growth. From January to December, the exports of shirts, coats/cold clothes, scarves/ties/handkerchiefs increased by 26.2%, 20.1% and 22% respectively. Exports of sportswear, dresses, T-shirts, sweaters, hosiery and gloves increased by about 10%. Exports of suits/casual suits, trousers and corsets increased by less than 5%. Exports of underwear/pajamas and baby clothing dropped slightly by 2.6% and 2.2%.
In December, except for the export of scarves/ties/handkerchiefs, which increased by 21.4%, the exports of other categories all declined. The export of baby clothes, underwear/pajamas fell by about 20%, and the export of pants, dresses, and sweaters fell by more than 10%.
Exports to ASEAN have increased significantly
From January to December, China’s exports to the United States and Japan were 38.32 billion US dollars and 14.62 billion US dollars respectively, a year-on-year decrease of 3% and 0.3% respectively, and the clothing exports to the EU and ASEAN were 33.33 billion US dollars and 17.07 billion US dollars, respectively, a year-on-year increase of 3.1% , 25%. From January to December, China’s exports to the three traditional export markets of the United States, the European Union, and Japan totaled US$86.27 billion, a year-on-year decrease of 0.2%, accounting for 49.2% of my country’s total clothing, a decrease of 1.8 percentage points from the same period in 2022. The ASEAN market has shown great potential for development. Under the favorable effect of the effective implementation of RCEP, exports to ASEAN accounted for 9.7% of total exports, an increase of 1.7 percentage points over the same period in 2022.
In terms of major export markets, from January to December, exports to Latin America increased by 17.6%, exports to Africa decreased by 8.6%, exports to countries along the “Belt and Road” increased by 13.4%, and exports to RCEP member countries increased by 10.9%. From the perspective of major single-country markets, exports to Kyrgyzstan increased by 71%, exports to South Korea and Australia increased by 5% and 15.2% respectively; exports to the United Kingdom, Russia and Canada decreased by 12.5%, 19.2% and 16.1% respectively.
In December, exports to major markets all declined. Exports to the U.S. fell 23.3%, the fifth consecutive month of decline. Exports to the EU fell 30.2%, the fourth consecutive month of decline. Exports to Japan fell 5.5%, the second consecutive month of decline. Exports to ASEAN reversed the downward trend of last month and increased by 24.1%, among which exports to Vietnam increased by 456.8%.
Stable market share in the EU
From January to November, China accounted for 23.4%, 30.5%, 55.1%, 26.9%, 31.8%, 33.1% and 61.2% of the clothing import market share of the United States, the European Union, Japan, the United Kingdom, Canada, South Korea and Australia, of which the United States The market shares in the EU, Japan, and Canada decreased by 4.6, 0.6, 1.4, and 4.1 percentage points year-on-year respectively, and the market shares in the United Kingdom, South Korea, and Australia increased by 4.2, 0.2, and 0.4 percentage points year-on-year respectively.
International market situation
Imports from major markets slowed down significantly in November
From January to November 2022, among the major international markets, the United States, the European Union, Japan, the United Kingdom, Canada, South Korea, and Australia all achieved growth in clothing imports, with year-on-year increases of 11.3%, 14.1%, 3.9%, 1.7%, 14.6%, and 15.8% respectively. % and 15.9%.
Due to the sharp depreciation of the Euro and the Japanese Yen against the U.S. dollar, the growth rate of imports from the EU and Japan narrowed in terms of U.S. dollars. From January to November, EU clothing imports increased by 29.2% in euro terms, much higher than the 14.1% increase in US dollar terms. Japan’s clothing imports grew by only 3.9% in US dollars, but surged by 22.6% in Japanese yen.
After a rapid growth of 16.6% in the first three quarters of 2022, U.S. imports fell by 4.7% and 17.3% in October and November respectively. The EU’s clothing imports in the first 10 months of 2022 maintained positive growth, with a cumulative increase of 17.1%. In November, EU clothing imports showed a significant decline, down 12.6% year-on-year. Japan’s clothing imports from May to October 2022 maintained a positive growth, and in November, imported clothing fell again, with a drop of 2%.
Exports from Vietnam and Bangladesh soar
In 2022, the domestic production capacity of Vietnam, Bangladesh and other major clothing exports will recover and expand rapidly, and exports will show a trend of rapid growth. From the perspective of imports from major international markets, from January to November, the world’s major markets imported US$35.78 billion of clothing from Vietnam, a year-on-year increase of 24.4%. 11.7%, 13.1% and 49.8%. The world’s major markets imported US$42.49 billion of clothing from Bangladesh, a year-on-year increase of 36.9%. The EU, the United States, the United Kingdom, and Canada’s imports from Bangladesh increased by 37%, 42.2%, 48.9% and 39.6% year-on-year respectively. Clothing imports from Cambodia and Pakistan in the world’s major markets increased by more than 20%, and clothing imports from Myanmar increased by 55.1%.
From January to November, the market shares of Vietnam, Bangladesh, Indonesia and India in the United States increased by 2.2, 1.9, 1 and 1.1 percentage points year-on-year respectively; the market share of Bangladesh in the EU increased by 3.5 percentage points year-on-year; 1.4 and 1.5 percentage points.
2023 Trend Outlook
The world economy continues to be under pressure and growth slows down
The IMF said in its January 2023 World Economic Outlook that global growth is expected to decline from 3.4% in 2022 to 2.9% in 2023, before rising to 3.1% in 2024. The forecast for 2023 is 0.2% higher than expected in the October 2022 World Economic Outlook, but below the historical average (2000-2019) of 3.8%. The report predicts that the GDP of the United States will grow by 1.4% in 2023, and the euro zone will grow by 0.7%, while the United Kingdom is the only country among major developed economies that will decline, with a forecast decline of 0.6%. The report also predicts that China’s economic growth in 2023 and 2024 will be 5.2% and 4.5%, respectively; India’s economic growth in 2023 and 2024 will be 6.1% and 6.8%, respectively. The outbreak has dampened China’s growth through 2022, but recent reopenings have paved the way for a faster-than-expected recovery. Global inflation is expected to fall from 8.8% in 2022 to 6.6% in 2023 and 4.3% in 2024, but remains above the pre-pandemic (2017-2019) level of about 3.5%.
Post time: Feb-24-2023