China has kicked off 2023 with a substantial decline in its garment and accessory exports.
According to the official data released by General Administration of Customs, China (GACC), the country shipped US $ 21.68 billion worth of apparel and accessory, falling by 14.70 per cent on Y-o-Y basis in January to February period of 2023.
Textile exports too declined by 22.40 per cent to US $ 19.16 billion in the defined period as against US $ 24.69 billion in the same period of 2022.
As per an analysis by Apparel Resources, collectively, China exported US $ 40.84 billion textiles and apparel in January-February ’23 as compared to US $ 51.11 billion in January-February ’22 period, noting a 20.10 per cent yearly fall.
It’s pertinent to mention here that China concluded 2022 with US $ 323.34 billion, witnessing an increase of 3.90 per cent over 2021 export values.
The decline in 2023 can be attributed to the holidays in the country on the occasion of the Chinese New Year, that’s a phenomenon every year. March ’23 will certainly be a month to watch out for that will define if China’s clothing and textile exports are getting back on track!
