Since entering 2014, my country’s foreign trade situation has been somewhat grim. Although my country’s textile and clothing import and export trade increased in the first half of the year, the growth rate was narrower than last year. According to China Customs statistics, from January to June, my country’s total import and export of textiles and clothing was US$145.47 billion, a year-on-year increase of 4%, of which total textile and clothing imports were US$12.97 billion, a year-on-year increase of 2.9%. In terms of raw material imports, the total import of textile raw materials fell by 27.5% in the first six months of this year, mainly due to a large drop in cotton imports, and the decline in imported wool also contributed to the situation.
1. Overview of textile and clothing imports in the first half of 2014
From January to June, my country’s textile and clothing imports totaled US$12.97 billion, a year-on-year increase of 2.9%, a significantly slower growth than the same period last year. Mainly due to the fact that textile imports, which accounted for 78.7% of the total import value, fell by 1.6% compared with the same period last year. Although the clothing import value increased by 23.4%, it is still difficult to restore the total textile and clothing import volume as the clothing import value only accounts for 21.3% of the total textile and clothing import volume. Slow growth.
(1) Textile imports
In the first half of the year, the total value of textile imports was US$10.2 billion, down 1.6% year-on-year, and the import quantity fell 5.4% year-on-year. The import value of yarn and fabrics both declined, while the import of finished products increased.
1. Yarn From January to June, the total yarn imports were US$4.52 billion, a year-on-year decrease of 1.3%, while the import quantity increased slightly, with an increase of 1.4%. Except for wool, animal hair yarn and other yarns, the import value of all types of yarns has declined to varying degrees. In terms of import quantity, only cotton yarn and other yarns have increased.
From the perspective of yarn import prices, the average unit price of various yarns is 3.38 US dollars/kg, down 2.7% year-on-year. This is mainly due to the fact that the import price of cotton yarn, which accounts for a larger share, fell by 3.1%. Silk threads and other yarns also have varying degrees of decline. However, the import quantity was small and had little impact on the average price of yarn. The prices of wool, animal hair yarn and chemical fiber yarn all increased.
The main sources of cotton yarn imports are India, Pakistan, and Vietnam. my country imported 29% of its cotton yarn from India. In the first half of the year, the import volume was 286,000 tons, a year-on-year increase of 6.6%; it imported 239,000 tons from Pakistan, a year-on-year decrease of 20.5%; it imported 167,000 tons from Vietnam, a year-on-year increase of 64.5%. It is a phenomenon worthy of attention.
2. Fabrics, another major category of imported goods in fabrics and textiles, both the quantity and value of imports fell from January to June, with the import value falling by 7.3% and the import quantity falling by 13.4%. The import of various fabrics under this category fell overall. Among them, chemical fiber woven fabrics and other fabrics, which accounted for a large proportion of imports, fell by 7.4% and 19.2% respectively, and cotton cloth fell by 12.3%. From the perspective of the average import price, except for the decrease in the unit price of cotton cloth imports, the import prices of other types of fabrics have increased to varying degrees, resulting in an overall average price increase of 7.1%.
In the first half of the year, fabric imports were still dominated by processing trade, accounting for 76.9%; supplemented by general trade, accounting for 19.5%.
3. Finished products: The import volume of finished products increased significantly and the price decreased. The import value increased by 9.5%. The reason was that the import quantity increased by 9.9% year-on-year. All types of manufactured goods experienced increases to varying degrees. The import unit prices of home textiles, carpets, and other manufactured products all declined. Only the unit prices of industrial textiles and non-woven fabrics increased by 6 percentage points.
(2) Clothing import
The growth momentum of clothing imports continued in the first half of this year, and the growth rate and share of total textile and clothing imports further expanded. In the first six months, clothing imports amounted to US$2.76 billion, a year-on-year increase of 23.4%, accounting for 21.3% of the total textile and clothing imports. Among them, knitted clothing, woven clothing and other clothing have the characteristics of increasing volume and falling price, and the import value has increased; fur clothing, clothing accessories and hats have obvious price increases and decreases, and the import value has also increased.
In the first half of the year, my country’s clothing import source countries were mainly concentrated in Asian countries, accounting for 63.5% of clothing imports; followed by Europe, accounting for 31.3%.
1. Knitted clothing In the first half of the year, 140 million pieces (sets) of knitted clothing were imported, a year-on-year increase of 55%. The import volume of all types of knitted clothing increased; the average import price fell 14.3% year-on-year to US$6.14/piece (set), of which, Only the imported unit price of chemical fiber knitted clothing increased by 2.2%. The substantial increase in import volume was the main reason for the 32.8% increase in knitted apparel imports in the first half of the year.
Cotton knitted clothing accounts for a large proportion of knitted clothing, which to a large extent determines the characteristics of knitted clothing imports. In the first six months, the import growth rate of cotton knitted clothing further expanded compared with last year, and the import volume increased by 63% year-on-year.
2. Woven clothing also accounts for a large proportion of imported clothing, with imports of 120 million in the first half of the year.. On the one hand, the reason for the negative growth in import quantity is that the once rapid growth of cotton yarn imports no longer has the boosting effect, and the import of fabrics, which largely determines the quantity of textile and apparel imports, has further declined, down 13.4% year-on-year; on the other hand, the textile industry in the first half of the year The increase in the value of clothing imports is mainly due to the substantial increase in the import volume of finished products and various types of clothing, which has driven the growth in the import value of finished products and clothing. The decline in industrial products such as yarns and fabrics and the rise in finished products such as home textiles and clothing should be the direction for future adjustments to my country’s textile and clothing import structure.
(3) The cotton issue has always been a hot topic in the industry in recent years. The implementation of the cotton target price policy pilot will fully marketize the domestic cotton price formation mechanism. The price advantage of imported cotton will no longer exist for a period of time. In recent years, cotton has been at a high level. Import volume will be buffered this year. Judging from the cotton import trend in the first half of the year, it is expected that imports for the whole year will not exceed 3 million tons. The main import source countries are still India, the United States, Australia, West Asia and African countries. Since these countries and regions are major cotton-producing countries and regions, structural changes in the cotton import market will not usually occur.
If the cotton issue can be well resolved, it will help release domestic production capacity and enhance the competitiveness of my country’s textile and apparel exports. But at the same time, it should also be noted that cotton companies and cotton traders will bear the risks of the cotton market. The industry should pay great attention to this.
