China's total textile and apparel exports in the third quarter increased by 0.5% year-on-year to US$238.55 billion!

In the first three quarters of 2024, China's textile and apparel exports were mixed, with growth slowing in the second half of the year. Although overall exports increased by 0.5% year-on-year to $238.55 billion, the momentum weakened in the third quarter, especially in September.

In the first three quarters of 2024, China's total textile and apparel exports increased by 0.5% year-on-year to US$238.55 billion. In terms of market share, the four traditional markets of ASEAN, the United States, the European Union and Japan still account for 53.2% of total exports.

As the economy rebounded and monetary policy eased, Chinese exports to the U.S. increased by 5.7% year-on-year. Exports to ASEAN increased by 6.1% year-on-year, mainly benefiting from the region's economic recovery, particularly Vietnam and Cambodia. The year-on-year growth for the EU was only 2% due to the weak economic recovery in the region. Exports to Japan fell 9.9% year-on-year due to slowing economic growth, declining inbound tourism, and high inflation.

In terms of products, China's exports of knitted and woven garments increased by 4.6% year-on-year, and exports of yarns and fabrics to ASEAN increased by 10.8% year-on-year. However, geopolitical uncertainties, exchange rate fluctuations, and weak demand in emerging markets pose significant challenges for the future.

China's textile and apparel exports are affected by a range of factors, including global economic conditions, geopolitical tensions, and domestic policies. The strong performance in the first half of the year was mainly driven by the recovery in key markets such as the United States and ASEAN. However, the slowdown in the third quarter reflects the challenges posed by weak demand in some emerging markets and rising geopolitical uncertainties.

To maintain its position as a global textile and apparel giant, China needs to focus on product innovation, value-added and market diversification. In addition, addressing challenges related to labor costs, environmental sustainability, and intellectual property rights will be critical to long-term growth.