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According to China Customs statistics, from January to December 2023, China's clothing (including clothing accessories, the same below) accumulated exports of 159.14 billion US dollars, on a high base in 2022, down 7.8% year-on-year, and an increase of 8.5% over the same period in 2019 before the epidemic. In 2023, the first year of economic recovery after three years of COVID-19 prevention and control, China's garment exports withstood external pressure and overcame internal difficulties, and the overall operation was stable, and the fourth quarter showed a clear trend of good, and the decline in exports to traditional markets was to some extent made up for by the growth of cross-border e-commerce and emerging markets.
1. China's garment exports from January to December
The export trend for the whole year was first high and then low
The monthly clothing exports in 2023 are highly volatile, and from January to February, exports fell sharply year-on-year due to the Spring Festival holiday and high base. From March to April, affected by factors such as the resumption of work and production after the Spring Festival and the centralized shipment of backlog goods during the containment and control of the epidemic, there was a double-digit growth. From May to October, exports continued to decline due to weak international demand and a higher export base in the same period. From November to December, due to the low base of the same period, the momentum of cross-border e-commerce in the Black Five Christmas season, the decline in exports narrowed, from negative to positive.
Falling prices drag down overall exports
The export volume of woven and knitted clothing is basically the same as that of last year, and the main reason for the decline in total exports is the large decline in export prices. From January to November, woven garment exports were 67.69 billion US dollars, down 7.1% year on year; The number of exports was 12.36 billion, down 1.8%; Export prices fell 5.5 per cent from a year earlier. Knitwear exports were 70.52 billion US dollars, down 8.7%; The export volume was 20.94 billion, down 0.9%; Export prices fell 7.8 per cent from a year earlier. The export of clothing accessories was 15.92 billion US dollars, down 3.2%.
The reasons for the decline in export prices are as follows: First, the export prices in 2022 will increase significantly, resulting in a higher base; Second, the international market consumption power is weak, tend to low-priced goods, resulting in increased price sensitivity; Third, domestic PPI grew negatively for 14 consecutive months. Fourth, the interest rate difference between China and the US has widened and the RMB exchange rate has depreciated greatly. Fifth, the proportion of cross-border e-commerce exports with lower unit prices has increased.
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