China's textile and apparel trade structure is becoming more and more reasonable

Need to pick out the global economic recovery, the joint action of the domestic economy continues to improve, in 2017 China's textile and apparel exports to the good steady trade structure more reasonable, the concentration of foreign trade further enhanced.

According to the data provided by the China Chamber of Commerce for Import and Export of Textiles, in 2017, China's textile and apparel trade volume reached US$293.15 billion, a year-on-year increase of 1.2%. Among them, exports were US$268.6 billion, up 0.8% year-on-year; imports were US$24.55 billion, up 5.3% year-on-year; trade surplus was US$244.05 billion, up 0.4% year-on-year.

“In 2017, China’s textile and apparel foreign trade has always been 'stable'.” Mr. Cao Jiachang, president of the China Chamber of Commerce for Import and Export of Textiles, said that in the second half of 2017, China’s textile and apparel exports maintained steady and small growth for several consecutive months, and the export growth in the fourth quarter of 2017 increased. To 3.7%, the annual export has achieved growth again after two consecutive years of decline. In 2017, China's textile and apparel imports, driven by the dual engines of quantity and price, reversed the decline for three consecutive years and achieved rapid growth.

In 2017, China's textile and apparel trade structure became more reasonable. The proportion of general trade exports reflecting the ability of independent development of foreign trade was 76.4%, and it held a three-quarters share. The proportion of “other trade” exports dominated by market purchases rose to 6.9%. General trade exports fell slightly by 0.4%, and other trade exports increased by 16.6%, driving overall exports to grow.

"By 2017, the four major textile and garment export market, China's exports to the EU fell only, exports of $ 48.86 billion, down 1.1%, a decline from the previous year significantly reduced. Woven clothing categories of goods exports increased slightly by 0.5 %, the export unit price fell by 3.8%." Cao Jiachang pointed out that due to the local economic downturn, China's exports to the United States in 2016 fell for the first time in 20 years. In 2017, the US economy recovered steadily, and various fundamental indicators continued to improve. China's exports to the United States continued to grow. The annual export was 45.39 billion U.S. dollars, a year-on-year increase of 1%, which was positively driven by overall exports.

As the third largest market for textile and garment exports in China, ASEAN has become the main force for China's overall export growth in 2017. In 2017, China's exports to ASEAN reached US$34.75 billion, up 4.5% year-on-year. ASEAN has the fastest growth rate among the four major markets. The overall export growth rate is positively driven by 0.6 percentage points.

"In the ten ASEAN countries, Vietnam still maintains its position as the largest market for textile and apparel trade in China." Cao Jiachang said that in 2017, China's exports to Vietnam resumed growth, and the annual export volume increased by 8.6%. It is worth mentioning that Vietnam has surpassed India to become the largest source of yarn imports in China since 2016. The proportion of yarn imports from Vietnam has increased rapidly, reaching 28% in 2017.

While the economies of developed economies are picking up, the markets of developing countries are gradually recovering. “In 2017, China’s exports to Africa, Latin America and South Asia all achieved growth. Among them, exports to South Africa increased by 6.3%, exports to Brazil increased by 33.3%, and exports to India increased by 3.7%.” Cao Jiachang said that with the “ Belt and Road ” With the deepening of the initiative, China’s exports to 64 countries along the route totaled 91.47 billion U.S. dollars, a year-on-year increase of 2.9%, and the proportion of exports rose to 34.1%.

After the continuous industrial adjustment and transformation and upgrading in the early period of the “Twelfth Five-Year Plan” and the “ Thirteenth Five-Year Plan”, the structure of textile and garment export commodities has gradually improved. “In 2017, the proportion of textile exports increased to 41.1%; clothing fell to 58.9%, which was less than 60% for the first time. Textile exports increased by 4.2%, which was better than clothing and clothing decreased by 1.4%. Major categories of textile yarns and fabrics in textiles. Exports of manufactured goods and all of them increased by 7.8%, 4.1% and 3.5% respectively. The export of needle woven garments in garments decreased by 2.3%.” Cao Jiachang pointed out that from the analysis of volume price index, the textile export quantity index was 108.7, clothing For 105.1, the textile export price index is 95.79 and the clothing is 93.8. This shows that textile and garment exports are still subject to falling prices, and export growth still depends mainly on the increase in quantity.

According to reports, in 2017, the export volume of yarns and fabrics increased by 5.6% and 8.4% respectively, and the export volume of needles and woven garments increased by 2.8%. Yarn export prices increased by 2.1%, while fabrics and needle woven garments fell by 4% and 4.9% respectively. The situation of falling export prices has not yet been completely reversed.

"With the gradual lowering of tariffs on imports of consumer goods, clothing import values rose rapidly, the proportion of clothing imports have gradually enlarged." Cao A Chang said that in 2017, China's apparel imports 7.18 billion US dollars, an increase of 9.4%, the proportion rose to 29.2%. The increase in quantity is the main factor driving the import of clothing. The import quantity index of clothing is 115.9 and the import price index is 94.4. Among them, the import volume of large-sized commodity needle woven garments increased by 13.4%, and the average import price fell by 4.3%.