China'S Textile And Garment Exports Performed Well In The First Three Quarters

The General Administration of Customs of the people's Republic of China released the data of China's goods trade from January to September 2020 on October 13. In the first three quarters, the textile and clothing export as a whole achieved a rapid growth, faster than the national trade in goods. Among them, the clothing export continued to grow in September, while the global epidemic situation eased, the growth rate of textile export fell further.

Textile and garment export in the first three quarters

Export of textiles and clothing in RMB

From January to September 2020, the cumulative export of textile and clothing was 1515.67 billion yuan, an increase of 12.2%, including 828.78 billion yuan of textile exports, an increase of 37.5%, and 686.89 billion yuan of clothing exports, a decrease of 8.1%.

In September, the export of textile and clothing was 19.69 billion yuan, an increase of 14.5%, including 91.23 billion yuan of textile export, an increase of 33.4%, and 105.56 billion yuan of clothing export, an increase of 2.1%.

Textile and clothing exports are calculated in US dollars

From January to September 2020, the cumulative export of textile and clothing was 215.78 billion US dollars, an increase of 9.3%, of which the textile export was 117.95 billion US dollars, an increase of 33.7%, and the clothing export was 97.83 billion US dollars, a decrease of 10.3%.

Textile and clothing exports increased by US $28.28 billion, up 35.28 billion, or 15.28 billion.

According to customs statistics, in the first three quarters, China's total import and export value of goods trade was 23.12 trillion yuan, an increase of 0.7% over the same period of last year; among them, export was 12.71 trillion yuan, an increase of 1.8%; import was 10.41 trillion yuan, a decrease of 0.6%.

Outstanding performance in textile and clothing in the first three quarters

The total value of import and export of national goods trade is calculated in RMB

From January to September 2020, the total value of imports and exports of goods trade was 23.1 trillion yuan, an increase of 0.7% over the same period of last year (the same below), of which exports were 12.7 trillion yuan, an increase of 1.8%, and imports of 10.4 trillion yuan, a decrease of 0.6%.

In September, the import and export of foreign trade reached 3.06 trillion yuan, an increase of 10%, of which exports reached 1.66 trillion yuan, an increase of 8.7%, and imports of 1.4 trillion yuan, an increase of 11.6%.

The total value of import and export of national goods trade is calculated in US dollars

In the same period of last year, the total value of imports and exports decreased by 1.8 trillion US dollars, 3.8 trillion US dollars compared with the same period in 2020, and the total value of imports and exports decreased by 1.8 trillion US dollars, 3.8 trillion US dollars compared with the same period in 2020.

In September, imports and exports of foreign trade increased by 11.4% to $442.52 billion, including exports of $239.76 billion, an increase of 9.9%, and imports of $202.76 billion, an increase of 13.2%.

Outstanding market contribution of the belt and road initiative

China's imports and exports to countries along the belt and road totaled 6.75 trillion yuan, an increase of 1.5%. Among them, exports were 3.85 trillion yuan, up 2.8%; imports were 2.9 trillion yuan, down 0.3%. Imports and exports to some major trading countries have increased rapidly. For example, the import and export to Vietnam, Turkey, Poland and Thailand increased by 18.5%, 17.1%, 13% and 10.9% respectively. Among the export commodities, the export of mechanical and electrical products was 2.12 trillion yuan, an increase of 8%, accounting for 55% of the total export value of China and the countries along the belt and road in the same period.

Sino US trade is relatively stable

In the first three quarters, the total value of Sino US trade reached 2.82 trillion yuan, up 2% year on year. Among them, exports to the United States reached 2.18 trillion yuan, an increase of 1.8%, and imports from the United States totaled 640.86 billion yuan, an increase of 2.8%. In terms of export commodities, in the first three quarters, we exported 1.31 trillion yuan of mechanical and electrical products to the United States, an increase of 1.4%, accounting for 60% of the total export value to the United States in the same period. Among them, notebook computers totaled 162.09 billion yuan, an increase of 14.4%, and export of mobile phones was 128.69 billion yuan, a decrease of 3.4%. Over the same period, the export of labor-intensive products reached 547.14 billion yuan, an increase of 4.4%, and the export of pharmaceutical materials and drugs reached 20.13 billion yuan, an increase of 32.4%. In terms of imports, in the first three quarters, China imported 91.39 billion yuan of agricultural products from the United States, an increase of 44.4%.

Cross border e-commerce rises against the trend

As an emerging trade format, cross-border e-commerce has risen against the trend by virtue of its online trading, non-contact delivery, short trading chain and other advantages, which has played a positive role in coping with the impact of the epidemic for foreign trade enterprises. During the epidemic period, the import and export volume of cross-border e-commerce increased instead of falling, becoming an important force to stabilize foreign trade. In the first three quarters, China's import and export through the customs cross-border e-commerce management platform reached 187.39 billion yuan, up 52.8% year-on-year. This also includes the 9710 and 9810 trade modes added on July 1 this year. The customs adheres to the concept of "inclusiveness, prudence, innovation and coordination", constantly innovates and optimizes the regulatory system, and supports the healthy and orderly development of new business.

The overall performance of import and export was better than expected

First, foreign trade imports and exports stabilized quarter by quarter, with the cumulative growth rate turning negative to positive.

In the first and second quarters of this year, China's import and export growth rates were - 6.5% and - 0.2% respectively. In the third quarter, China's import and export reached 8.88 trillion yuan, an increase of 7.5% year-on-year. Among them, export was 5 trillion yuan, an increase of 10.2%, and import was 3.88 trillion yuan, an increase of 4.3%. In the third quarter, the total value of import and export, total value of export and total value of import all reached a record high in the quarter. In the first eight months, the cumulative export growth was positive, and that in the first three quarters was positive.

Second, the import and export growth of private enterprises is obvious, and the "stabilizer" role of foreign trade is more prominent.

In the first three quarters, the import and export of China's private enterprises reached 10.66 trillion yuan, an increase of 10.2%, accounting for 46.1% of China's total foreign trade, an increase of 4 percentage points over the same period last year. Among them, export was 7.02 trillion yuan, an increase of 10%, accounting for 55.2% of the total export value; import was 3.64 trillion yuan, an increase of 10.5%, accounting for 35% of the total import value. The import and export of foreign-invested enterprises reached 8.91 trillion yuan, accounting for 38.5%. The import and export of state-owned enterprises reached 3.46 trillion yuan, accounting for 15%.

Third, imports and exports to major trading partners maintained growth, with ASEAN as China's largest trading partner.

In the first three quarters, imports and exports to ASEAN, the EU, the United States, Japan and South Korea were 3.38 trillion yuan, 3.23 trillion yuan, 2.82 trillion yuan, 1.61 trillion yuan and 1.45 trillion yuan, respectively, increasing by 7.7%, 2.9%, 2%, 1.4% and 1.1%, respectively. Among them, ASEAN is China's largest trading partner, accounting for 14.6% of China's total foreign trade. In addition, China's import and export to countries along the belt and road totaled 6.75 trillion yuan, an increase of 1.5%.

Fourth, the import and export of general trade increased, and the structure of trade mode was further optimized.

In the first three quarters, China's general trade import and export reached 13.92 trillion yuan, an increase of 2.1%, accounting for 60.2% of China's total foreign trade value, an increase of 0.8 percentage points over the same period last year. Among them, exports were 7.57 trillion yuan, an increase of 3.8%; imports were 6.35 trillion yuan, an increase of 0.1%. Over the same period, the import and export of processing trade decreased by 6.4% to 5.39 trillion yuan.

Fifthly, the textile and clothing industry performed well, and the export of epidemic prevention materials increased rapidly.

In the first three quarters, the export of seven categories of labor-intensive products, including textiles and clothing, reached 2.59 trillion yuan, an increase of 5.4%, accounting for 20.4%. Among them, the export of textiles including masks was 828.78 billion yuan, an increase of 37.5%. In addition, the export of medical materials and drugs, medical instruments and devices increased by 21.8% and 48.2% respectively.

Textile and clothing export is expected to be higher

When analyzing the market situation, some securities personage said that in the future, the improvement range of different industries in the export chain may be differentiated; mechanical equipment, electronic components, textile and clothing, shoes and boots should be focused on. This also shows a higher expectation for the future textile and clothing export performance from one side.

It is pointed out that China mainly "replaces" Mexico, Germany, France and other industrial manufacturing countries, and the products with strong "substitution effect" in the early stage are mainly automobile parts, chemicals, etc., and the subsequent improvement of export elasticity of such commodities may be restricted. In contrast, consumer goods such as textile and clothing, shoes and boots with weak "substitution effect" in the early stage, and capital goods and intermediate products with strong competitive advantages such as mechanical equipment and electronic components in China should be focused on.

Source: China Textile Import and Export Chamber of Commerce, import and export manager