China's textile industry is slowly advancing under pressure

The Economic Operation Briefing of China's Clothing Industry from January to December 2022 (hereinafter referred to as the Briefing) released by the China Garment Association predicts that in 2023, China's clothing industry will enter a recovery and normalization development cycle after experiencing a phased decline. Based on the low base effect of industry operation in 2022 and strong support from the domestic macro cycle, it is expected that the overall economic operation of the industry will improve in 2023, The development trend of "resilient growth and steady recovery" is obvious.

Prior to 2022, the external development environment faced by China's textile industry was extremely severe. Risk factors such as weak market demand, high raw material costs, and a more complex trading environment have had a significant impact on the textile industry, resulting in significantly increased economic operational pressure. Textile enterprises have made efforts to overcome various risks and shocks, and although some operating indicators have fallen year-on-year, the decline is small.

From the perspective of the international market, under the influence of factors such as insufficient demand in the international market, transfer of overseas orders, trade frictions between China and the United States, and appreciation of the RMB, China's clothing exports will face significant downward pressure in 2023, and the overall growth rate will show a trend of decreasing before and then flattening, and the scale will significantly shrink. However, it should also be noted that with the end of destocking by overseas retailers and brand groups and the containment of global inflation, market consumption demand and replenishment demand are gradually recovering, and overseas orders may pick up in the second half of the year, and the situation of clothing exports will improve accordingly. At the same time, the "the Belt and Road" and RCEP and other trade cooperation agreements continued to advance, and the new marketing mode of "platform drainage+content grass planting+live broadcast with goods" promoted the accelerated development of cross-border e-commerce, which will further promote the high-quality development of clothing foreign trade exports.

The Briefing recommends that improving industry resilience and risk resistance remain the core of industry development. Under the general trend of global industrial transformation, China's clothing industry will continue to strengthen the integration and innovation of the digital economy and the real economy, fully promote the construction of industrial intelligent manufacturing and industrial Internet platforms, deeply practice cultural self-confidence and green development, aggregate the development potential of new technologies, new models, and new formats, and drive the industry to accelerate its transition to intelligence, high-end, and green.

source: https://www.tnc.com.cn/info/c-001001-d-3729649.html