Since this year, risk factors such as the continuation of the Russia-Ukraine conflict, the tightening of the international financial environment, the weakening of terminal demand in major developed economies in the United States and Europe, and stubborn inflation have led to a sharp slowdown in global economic growth. With the rise of global real interest rates, the recovery prospects of emerging economies have frequently suffered setbacks, financial risks have been accumulating, and trade improvement has become more sluggish. According to the data of Economy of the Netherlands Policy Analysis Bureau (CPB), in the first four months of 2023, the export trade volume of goods of Asian emerging economies other than China continued to grow negatively year-on-year and the decline deepened to 8.3%. Although the textile supply chain of emerging economies such as Vietnam continued to recover, the textile and clothing trade performance of various countries was somewhat differentiated due to the impact of risk factors such as weak external demand, tight credit conditions and rising financing costs.
Vietnam
Vietnam’s textile and clothing trade volume has significantly declined. According to Vietnamese customs data, Vietnam exported a total of 14.34 billion US dollars in yarn, other textiles, and clothing to the world from January to May, a year-on-year decrease of 17.4%. Among them, the export amount of yarn was 1.69 billion US dollars, with an export quantity of 678000 tons, a year-on-year decrease of 28.8% and 6.2% respectively; The total export value of other textiles and clothing was 12.65 billion US dollars, a year-on-year decrease of 15.6%. Affected by insufficient terminal demand, Vietnam’s import demand for textile raw materials and finished products has significantly declined. From January to May, the total import of cotton, yarn, and fabrics from around the world was 7.37 billion US dollars, a year-on-year decrease of 21.3%. Among them, the import amounts of cotton, yarn, and fabrics were 1.16 billion US dollars, 880 million US dollars, and 5.33 billion US dollars, respectively, a year-on-year decrease of 25.4%, 24.6%, and 19.6%.
Bengal
Bangladesh’s clothing exports have maintained rapid growth. According to data from the Bangladesh Bureau of Statistics, from January to March, Bangladesh exported approximately 11.78 billion US dollars in textile products and various types of clothing to the world, a year-on-year increase of 22.7%, but the growth rate slowed by 23.4 percentage points compared to the same period last year. Among them, the export value of textile products is about 270 million US dollars, a year-on-year decrease of 29.5%; The export value of clothing is approximately 11.51 billion US dollars, a year-on-year increase of 24.8%. Affected by the decline in export orders, Bangladesh’s demand for imported supporting products such as yarn and fabrics has declined. From January to March, the amount of imported raw cotton and various textile fabrics from around the world was about 730 million US dollars, a year-on-year decrease of 31.3%, and the growth rate decreased by 57.5 percentage points compared to the same period last year. Among them, the import volume of raw cotton, which accounts for over 90% of the import scale, has significantly decreased by 32.6% year-on-year, which is the main reason for the decrease in the import scale of Bangladesh.
India
Affected by the global economic slowdown and declining demand, the export scale of India’s major textile and clothing products has shown varying degrees of reduction. Since the second half of 2022, with the weakening of terminal demand and the rise of overseas retail inventory, India’s textile and clothing exports to developed economies such as the United States and Europe have been under constant pressure. According to statistics, in the second half of 2022, India’s textile and clothing exports to the United States and the European Union have decreased by 23.9% and 24.5% year-on-year, respectively. Since the beginning of this year, India’s textile and clothing exports have continued to decline. According to data from the Indian Ministry of Industry and Commerce, India exported a total of 14.12 billion US dollars in various types of yarn, fabrics, manufactured goods, and clothing to the world from January to May, a year-on-year decrease of 18.7%. Among them, the export value of cotton textiles and linen products decreased significantly, with exports from January to May reaching 4.58 billion US dollars and 160 million US dollars respectively, a year-on-year decrease of 26.1% and 31.3%; The export volume of clothing, carpets, and chemical fiber textiles decreased by 13.7%, 22.2%, and 13.9% year-on-year, respectively. In the just ended fiscal year 2022-23 (April 2022 to March 2023), India’s total export of textile and clothing products to the world was 33.9 billion US dollars, a year-on-year decrease of 13.6%. Among them, the export amount of cotton textiles was only 10.95 billion US dollars, a year-on-year decrease of 28.5%; The scale of clothing exports is relatively stable, with export amounts slightly increasing by 1.1% year-on-year.
Türkiye
Türkiye’s textile and clothing exports have shrunk. Since this year, Türkiye’s economy has achieved good growth supported by the rapid recovery of the service industry. However, due to the high inflation pressure and the complicated geopolitical situation and other factors, the prices of raw materials and end products have risen, the prosperity of industrial production has remained low. In addition, the volatility of the export environment with Russia, Iraq and other major trading partners has increased, and textile and clothing exports are under pressure. According to the data of Türkiye Statistics Bureau, Türkiye’s textile and clothing exports to the world from January to May totaled US $13.59 billion, a year-on-year decrease of 5.4%. The export value of yarn, fabrics, and finished products was 5.52 billion US dollars, a year-on-year decrease of 11.4%; The export value of clothing and accessories reached 8.07 billion US dollars, a year-on-year decrease of 0.8%.
Post time: Jun-29-2023