Textile and apparel exports in the first half of the year set a record for the same period in history
Affected by the epidemic, India, Vietnam and other textile and apparel producing countries have been hindered from accepting orders, and some orders have been transferred to my country. In the first half of 2021, my country's textile and apparel exports hit the highest level in the same period in history.
With the slowing down of the epidemic in my country and the normalization of prevention and control, as well as the continuous release of the dividends of the stable foreign trade policy, it has provided strong support for the growth of my country's textile exports. The world economy is hesitating on the road to recovery. The epidemic has repeatedly slowed down and rebounded around the world. Affected by the epidemic, India, Vietnam and other textile and apparel producing countries have blocked orders, and some orders have been transferred to my country. In the first half of 2021, my country's textile and apparel exports hit the same period in history. level。
According to my country’s monthly customs report, in the first half of 2021, my country’s textile and apparel exports were US$140.09 billion, a year-on-year increase of 12.1%. The export scale of textiles and clothing not only exceeded the level of the same period in 2019 before the epidemic, but also set a record for the same period in history.
There have been multiple epidemics around the world, and my country can still supply clothing products steadily. International orders tend to be concentrated in my country. At the same time, demand in the European and American markets is gradually recovering. Therefore, my country's clothing exports are accelerating. In the first half of the year, my country’s clothing product exports amounted to US$71.53 billion, a year-on-year increase of 40.3%, which was a record for the same period since 2016; clothing accounted for 51.1% of the total textile and clothing exports, an increase of 3.9 percentage points from 2020. Changes in the proportion of clothing before the epidemic.
The world economic recovery is uneven. With the promotion of vaccines and the unremitting efforts of various countries to restore the economy, the world economy is picking up faster, and international organizations have raised their expectations for world economic and trade growth. The International Monetary Fund (IMF) released the "World Economic Outlook Report" in July, predicting that the global economy will grow by 6% in 2021, which is the same as the previous forecast. However, the IMF raised its growth forecasts for developed economies by 0.5 percentage points to 5.6%, and lowered its growth forecasts for emerging markets and developing economies by 0.4 percentage points to 6.3%. The World Trade Organization (WTO) latest "Trade Statistics and Outlook" report pointed out that world trade will usher in a strong but uneven recovery, and global trade is expected to increase by 8% in 2021.
Uncertainty in the development of the global epidemic has increased. According to data from the World Health Organization, the Delta mutant strain has appeared in more than 120 economies around the world, and the spread of the mutant strain is surprisingly fast. But on the one hand, the vaccine still has a protective effect on the Delta mutant strain, and countries are also advancing the process of vaccination. On the other hand, the current round of the epidemic has not brought a significant increase in deaths. Therefore, although the rise of the epidemic caused by the Delta mutant strain may interfere with the process of economic recovery to a certain extent, it will not interrupt the trend of economic recovery in developed countries.
The cost pressure of textile foreign trade enterprises has increased. Although the epidemic is still spreading all over the world, the global supply chain has been hit, and the efficiency of port operations has dropped sharply, the demand for container transportation in the market is recovering. According to Clarkson's forecast, global shipping demand will increase by 6.1% year-on-year in 2021. With the active container transportation market, international freight rates have increased substantially. According to the Drewry World Container Index, the spot price of a 40-foot container from Shanghai to Los Angeles rose to US$10,503 at the end of July, a 258% increase year-on-year, increasing the cost pressure on textile foreign trade companies.
In addition, the external contradictions of the industrial chain, trade order and political pattern reshaping caused by non-economic factors facing the textile industry's exports are still more obvious.
