Clothing Export Reached The Highest Growth Rate In A Single Month Since This Year In May

From January to may, the year-on-year growth rates of main export products such as knitted and woven garments were higher than the average growth rate; Fur leather, plastic rubber clothing exports fell by more than 60%. The export of knitted apparel reached US $28.15 billion, up 21.9% year-on-year, slowing down compared with the 42% growth rate of the whole year last year. The export of woven clothing was 21.66 billion US dollars, with a year-on-year increase of 17.4%. The export was characterized by a decrease in volume and an increase in price. The export volume decreased by 7.5% year-on-year, and the price increased by 26.9%. The export of clothing accessories reached US $5.55 billion, up 21.9% year on year. Among them, the export of medical rubber gloves and plastic gloves decreased by 21.80% year-on-year. The export of fur and leather clothing was US $220 million, down 60.5% year-on-year, mainly due to the sharp drop of 81.2% in the export to Russia.

02 the export of outdoor commuting clothing increased rapidly

With the general relaxation of overseas epidemic control, the export of outdoor and commuting clothing has increased rapidly. From January to may, the export of overcoats and cold proof clothing increased by 45.6%, while the exports of dresses, shirts, sweaters and sportswear / swimwear increased by 30.7%, 32.9%, 26.2% and 23% respectively. Due to the large base of last year and the decrease of purchase demand this year, the growth of home clothing has slowed down obviously. The export growth of underwear, pajamas and brassiere is about 10%.

03 exports to the United States and Europe grew steadily, while exports to Japan declined

From January to may, China's clothing exports to the United States, the European Union, Japan and ASEAN were US $14.93 billion, US $11.71 billion, US $5.47 billion and US $5.78 billion, respectively, with an increase of 12.5%, 17.9%, 7.6% and 26.3% respectively. Except for the obvious decline in exports to Japan, the growth rate of exports to other major markets was higher than the average growth rate.

In terms of major export regions, exports to Latin America increased by 36.1%, Africa by 3.4%, and countries along the belt and road by 15%. From the perspective of single country market, exports to South Korea and Australia increased by 3.3% and 13.8% respectively, while exports to Britain, Canada and Russia decreased by 9.6%, 9.2% and 34.4% respectively.

04 the growth of Zhejiang and Shandong was good, and the areas affected by the epidemic situation resumed positive growth

With the gradual alleviation of the epidemic situation in some regions, the clothing export of Guangdong, Jiangsu, Fujian and Shanghai reversed the downward trend of export in April. In May, the export increased by 3.2%, 42.9%, 1.8% and 11.8% respectively. The export of Zhejiang and Shandong continued to maintain rapid growth, with growth rates of 38.5% and 50.5% respectively.

From January to may, Zhejiang's export volume reached US $12.58 billion, up 29.1% year-on-year, accounting for more than 20% of China's clothing export. Guangdong's export fell by 1.9%, a sharp decline compared with the growth rate of 29.1% in the whole year last year. Jiangsu, Shandong, Fujian and Shanghai ranked third to sixth, with exports increasing by 9.1%, 21.6%, 4.2% and 3.7% respectively. Xinjiang, Jiangxi, Hunan and other central and western regions were less affected by the epidemic, and their exports increased rapidly, with 87.3%, 42.4% and 69.2% respectively.

05 the share of Chinese clothing in the United States accelerated to decline, while the European Union and Japan were relatively stable

From the perspective of China's clothing market share in major export markets, China accounted for 22.2%, 28.1% and 54.4% of the clothing import market shares of the United States, the European Union and Japan respectively from January to April. Among them, the market share in the United States and the European Union decreased by 6.5 and 0.2 percentage points compared with the same period last year, while the market share in Japan increased by 0.2 percentage points. From January to April, Vietnam's market share in the United States increased by 1.8 percentage points over the same period last year. 2.2% higher than that of the same period last year in the EU, Japan and Bangladesh, respectively.

06 international demand continues to recover

Under the background of global release from epidemic situation, international demand shows a sustained recovery trend. From the perspective of clothing imports in major global markets, from January to April, clothing imports from the United States, the European Union, the United Kingdom and South Korea all achieved double-digit growth, with increases of 15.7%, 12.6%, 22.4% and 16.7%, respectively, while the imports of Canada and Australia increased by 7.1% and 5.4% respectively. Due to the depreciation of the yen, Japan's clothing imports decreased by 7.1% in US dollar terms from January to may, but still increased by 4.5% in terms of yen.

07 Trend Outlook

In the first half of this year, the overall foreign demand was good. Although the export of some domestic export provinces and cities declined temporarily due to the control of epidemic situation, they returned to work and production rapidly after the closure, and the logistics recovered smoothly, reflecting the strong resilience of the supply chain. It is expected that the clothing export will maintain a steady growth trend in the first half of the year. In the second half of the year, the impact of the epidemic situation has lowered the track of world economic growth as a whole, the high fever of global inflation, the uncertainty of the Ukrainian crisis, and the implementation of the "Xinjiang related act" of the United States may trigger a series of negative impacts. Under the joint influence of multiple factors, the global economic situation is becoming increasingly severe. In June, the world bank cut its global economic growth forecast for 2022 to 2.9%. The world economic recession will lead to the contraction of foreign demand. It is expected that China's clothing export will still face many risks and challenges in the second half of the year, and the downward pressure will increase.