China’s garment export is claimed to be increased in third consecutive month in October this year on Y-o-Y basis, after growing significantly in August and September.
The data released by the Chinese officials signals towards positivity but when it comes to the USA, EU, Canada and Japan – the 4 largest export destinations of China – the import figures of respective countries are all negative and don’t echo with what China released!
According to OTEXA, imports from China had fallen by over 45 per cent on Y-o-Y basis in value-terms during January-September ’20.
In the same period, apparel exports of China to two other important markets – Japan and Canada – were down by 19 per cent and 17 per cent, respectively, on Y-o-Y basis.
As far as China’s export to EU is concerned, it tumbled by 11.31 per cent in January-August ’20 on Y-o-Y basis and valued US $ 18.24 billion, as per the latest available data of Eurostat.
On the contrary, the export data of China signals towards Y-o-Y growth in Jan.-Oct. ’20 period…
According to the data released by the General Administration of Customs, China and further analysed by Apparel Resources, China clocked US $ 13.18 billion in its garment exports during October ’20, noting 3.70 per cent yearly growth over October ’19.
As compared to September ’20, the exports saw a miniscule growth of 1 per cent on monthly note in October ’20.
Cumulatively in January-October ’20 period, China’s garment and accessories’ exports have valued US $ 111.01 billion and increased 6.80 per cent from the same period of 2019. Out of this total value, apparels contributed US $ 95.77 billion and upped by 2 per cent on Y-o-Y basis in YTD period.
Though all top four export markets of China haven’t released the October’s data of their import yet, it is highly unlikely that China might have seen growth on Y-o-Y by being dependent on other countries in January-October ’20 period, when it sharply tumbled in double digits in its top markets.
Another strong reason of contradiction in data is that China’s exports had declined continuously in every month in 2020 till July before slightly picking up from August onwards and, seeing the current market scenario, it is difficult to cover the losses, witnessed in first 7 months, in just 3 months!