Textile and apparel exports in the first three quarters

Textiles and apparel exports are calculated in RMB

From January to September 2020, the total export of textile and apparel is 1,515.67 billion yuan, with an increase of 12.2%, among which the export of textile is 828.78 billion yuan, with an increase of 37.5%, and the export of apparel is 686.89 billion yuan, with a decrease of 8.1%. In September, textile and apparel exports reached 196.79 billion yuan, up 14.5%, of which textile exports reached 91.23 billion yuan, up 33.4%, and apparel exports reached 105.56 billion yuan, up 2.1%.

Textile and apparel exports are calculated in USD

From January to September 2020, the total export of textile and apparel was USD 215.78 billion, an increase of 9.3%, of which the textile export was USD 117.95 billion, an increase of 33.7%, and the apparel export was USD 97.83 billion, a decrease of 10.3%. In September, textile and apparel exports reached USD 28.37 billion, an increase of 18.2%, of which textile exports were USD 13.15 billion, an increase of 35.8%, and apparel exports were USD 15.22 billion, an increase of 6.2%.

 

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%.

 

Textile and apparel exports performed well 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 USD

From January to September 2020, the total value of imports and exports of goods trade was USD 3.29 trillion, 1.8% lower than that of the same period last year, of which exports were USD 1.81 trillion, down 0.8%, and imports were USD 1.48 trillion, a decrease of 3.1%. In September, imports and exports of foreign trade increased by 11.4% to USD 442.52 billion, including exports of USD 239.76 billion, an increase of 9.9%, and imports of USD 202.76 billion, an increase of 13.2%.

 

“Belt and Road” market makes outstanding contributions

China ’s total imports and exports to countries along the “Belt and Road” reached 6.75 trillion yuan, an increase of 1.5%. Among them, exports were 3.85 trillion yuan, an increase of 2.8%; imports were 2.9 trillion yuan, a decrease of 0.3%. Imports and exports to some major trading countries have achieved rapid growth. For example, imports and exports 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” during the same period.

 

Sino-US trade is relatively stable

In the first three quarters, the total value of Sino-US trade was 2.82 trillion yuan, a year-on-year increase of 2%. Among them, exports to the U.S. were 2.18 trillion yuan, an increase of 1.8%, and imports from the U.S. were 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 value of exports to the United States in the same period. Among them, notebook computers were 162.09 billion yuan, an increase of 14.4%, and exports of mobile phones were 128.69 billion yuan, a decrease of 3.4%. In the same period, the export of labor-intensive products was 547.14 billion yuan, an increase of 4.4%, and the export of medical materials and medicines was 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 advantages in online transactions, contactless delivery, and short transaction chains, which has played an active role for foreign trade companies in responding to the impact of the pandemic. During the pandemic, cross-border e-commerce import and export trade volume rose instead of falling, becoming an important force in stabilizing foreign trade. In the first three quarters, China imported and exported 187.39 billion yuan through the customs cross-border e-commerce management platform, an increase of 52.8% year-on-year. This also includes the 9710 and 9810 trade methods that were added on July 1 this year.

 

Overall performance of imports and exports was better than expected

First, foreign trade imports and exports gradually stabilized, and the cumulative growth rate turned 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 imports and exports were 8.88 trillion yuan, a year-on-year increase of 7.5%, of which exports were 5 trillion yuan, an increase of 10.2%, and imports were 3.88 trillion yuan, an increase of 4.3%. The total value of imports and exports, total export value, and total import value in the third quarter all hit a quarterly record high. In the first eight months, cumulative exports achieved positive growth, and cumulative imports and exports achieved positive growth in the first three quarters.

 

Second, the import and export of private enterprises have increased significantly. In the first three quarters, the import and export of China ’s private enterprises was 10.66 trillion yuan, an increase of 10.2%, accounting for 46.1% of China ’s total foreign trade value, an increase of 4 percentage points over the same period last year. Among them, exports were 7.02 trillion yuan, an increase of 10%, accounting for 55.2% of the total export value; imports were 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 was 8.91 trillion yuan, accounting for 38.5%. State-owned enterprises import and export 3.46 trillion yuan, accounting for 15%.

 

The third is to maintain growth in imports and exports with major trading partners. ASEAN is 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, an increase of 7.7% and 2.9%. , 2%, 1.4%, 1.1%, among which ASEAN is China ’s largest trading partner, accounting for 14.6% of China ’s total foreign trade value. In addition, China ’s imports and exports to countries along the “Belt and Road” reached 6.75 trillion yuan, an increase of 1.5%.

 

Fourth, general trade imports and exports have grown, and the structure of trade has been further optimized. In the first three quarters, China ’s general trade import and export was 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%. During the same period, the import and export of processing trade was 5.39 trillion yuan, down 6.4%.

 

Fifth, textiles and apparel performed well, and exports of pandemic prevention materials grew rapidly. In the first three quarters, the export of seven categories of labor-intensive products such as textiles and apparel was 2.59 trillion yuan, an increase of 5.4%, accounting for 20.4%, of which textile exports including masks were 828.78 billion yuan, an increase of 37.5%. In addition, exports of medical materials and medicines, medical instruments and equipment increased by 21.8% and 48.2% respectively.

 

Higher expectations for textile and apparel exports

When analyzing market conditions, some securities sources said that in the coming period, the extent of improvement in different industries in the export chain may be differentiated; machinery and equipment, electronic components, textiles and apparel, footwear, etc. deserve special attention. This also shows higher expectations for the future performance of textile and apparel exports.

 

The analysis pointed out that China mainly “replaces” Mexico, Germany and France and other industrial manufacturing countries, and the products with strong “substitution effect” in the early stage are mainly auto parts and chemicals. The subsequent export of these products may improve the flexibility or be restricted. In contrast, consumer products with weaker “substitution effect” in the early stage, such as textiles, apparel and footwear, and capital goods and intermediate products that China has strong competitive advantages, such as machinery and equipment, and electronic components, deserve special attention.