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What is the impact of macroeconomic environment on China''''s textile and apparel exports?
Release time:2019-02-28   Source of the article:   

Since 2002, thanks to the formal membership of WTO, under the background of the acceleration of the process of Global trade liberalization and the significant changes in the industrial economic pattern, China's international trade has made rapid progress. As a textile industry with obvious comparative advantages and complete industrial chain, China's textile industry has maintained a high-speed export growth trend for many years. According to statistics, China's textile and apparel exports accounted for 15.4% of the global market in 2002, and reached 36% in 2012. Since 1994, China has maintained the top position in textile and apparel exports for 18 consecutive years. However, in the face of the sudden global financial crisis and European debt crisis caused by the subprime mortgage crisis of the United States, coupled with the continuing downturn of the Japanese economy, the demand from the main international markets of Chinese textiles and apparel shrank sharply, which has a serious impact on the export of Chinese textiles and apparel.

In 2008, China's textile and apparel exports fell sharply from 19.1% last year to 8.2%, and in 2009 they fell to - 9.7%. In 2010 and 2011, although there was a significant rebound due to rigid demand and insufficient stock replenishment, China's textile and apparel export growth fell again to 3.3% in 2012 due to the continued fermentation of the European debt crisis and high unemployment rates in Europe and the United States. And Europe and the United States also from the beginning because of the financial crisis and cover their pockets to empty pockets in the post-financial crisis period, before the "money today and tomorrow" consumption habits are also quietly changing. Faced with the extremely complex international and domestic economic situation, in 2013, China's textile industry was affected by domestic consumption slowing down, insufficient international market demand, widening cotton price gap at home and abroad, and rising cost of various factors. The growth rate of major economic indicators of the industry declined significantly throughout the year. Although the growth rate of textile and apparel exports rose to 11.24%, it mainly relied on the rapid growth of exports to ASEAN market, while the share of traditional export markets continued to decline. The growth of demand for Chinese textile and apparel in EU, US and Japan markets was still at a low level.

In 2014, influenced by the quickening withdrawal of quantitative easing policy from the United States, the global financial market tightened again, and the consumption growth in European and American markets was lower than expected. However, the Japanese market was severely constrained by the dramatic increase in consumption tax. The growth rate of China's textile and garment exports fell again significantly. The growth rate of China's textile and garment exports in January-September was only 6.5%, while that of textile exports was only 5.0%. The total export growth of goods and garments was only 6.0%. One of the trends that has been shown is that after the last round of global economic growth and the continuous changes of world industrial division, the comparative advantage of China's textile industry is gradually weakening, orders and industrial migration will be inevitable, and has begun, China's textile and clothing industry will not continue to maintain a high growth trend for many years.

Despite years of efforts, the international dependence of China's textile industry has dropped from more than 40% 10 years ago to less than 18% at present. The proportion of China's textile and garment exports in national exports has also declined year by year, and the domestic demand market has become the main driving force for the growth of China's textile industry. However, due to the large scale of the industry, the insufficient development of domestic demand and the fact that China's textile and apparel exports still account for 13% of the total foreign trade exports, maintaining the steady growth of China's textile and apparel exports will remain one of the important factors for China's textile industry to maintain a healthy, stable and sustainable development and even to ensure the steady growth of China's economy for quite a long time to come.
The last:China''s status as a major exporter of garments to the United States will be overtaken
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