China's textile exports continued to grow in July
- Aug 20, 2018 -

    According to customs statistics, in July 2018, China exported about 26.95 billion US dollars of textiles and clothing, an increase of 5.74% year-on-year and an increase of 5.78%. Among them, the export of textile yarns, fabrics and products was 10.159 billion US dollars, up 8.78% year-on-year, down 4.91% from the previous month; exports of clothing and clothing accessories was 16.792 billion US dollars, up 3.99% year-on-year, an increase of 13.51%.

    According to the data of the General Administration of Customs, China's textile and apparel exports from January to July 2018 were US$154.367 billion, an increase of 3.71% year-on-year. Among them, the export of textiles was 68.461 billion US dollars, up 10.05% year-on-year, and the export of clothing and accessories was 85.906 billion US dollars, down 0.84% year-on-year. The accumulated data from Zhongyu Information showed that the two companies continued to show significant differentiation of “strong textile exports and weak garment exports”. situation.

    Since the second quarter of this year, Sino-US trade warfare has been escalating, which has brought tremendous pressure on textile and apparel exports. In the same period, the US dollar was relatively strong and the RMB accelerated its depreciation. Especially since mid-June, there has been a continuous and rapid depreciation. As of August 1, the RMB exchange rate against the US dollar has reached its lowest point in the year. The central parity of the RMB against the US dollar has depreciated from 6.4 to 6.85. For three consecutive months, the RMB has fallen by nearly 7.2% against the US dollar, although the RMB depreciation is either Effective measures to hedge US tariffs, but obviously have limited effect. In renminbi denomination, China's textile and apparel exports totaled 990.2 billion yuan from January to July 2018, down 3.26% year-on-year.