Imports in developed countries' markets have generally decreased
From January to July, clothing imports from developed economies continued to weaken.
The US imported clothing worth 50.64 billion US dollars, a year-on-year decrease of 3.4%.
The EU imported 52.44 billion US dollars, a year-on-year decrease of 5.6%. Japan imported 13.44 billion US dollars,
a year-on-year decrease of 4.1%. The UK imported $11.15 billion, a year-on-year decrease of 9%.
Australia imported 5.01 billion US dollars, a year-on-year decrease of 0.2%. Canada imported 6.48 billion US dollars,
a year-on-year decrease of 6%. South Korea imported 7 billion US dollars, a year-on-year increase of 0.1%.
Vietnam and Cambodia's exports are growing rapidly
From January to July, Vietnam exported clothing worth 19.28 billion US dollars, a year-on-year increase of 7.4%,
while India exported clothing worth 9.99 billion US dollars, a year-on-year increase of 3.4%; Cambodia exported 5.38 billion US dollars,
a year-on-year increase of 18.7%. Indonesia exported clothing worth 4.93 billion US dollars, a year-on-year increase of 0.7%;
Türkiye exported 10.29 billion dollars of clothing, down 7.9% year on year.
Since the beginning of this year, China's clothing exports have remained relatively stable despite facing many challenges. From January to August, my exports to the United States and the European Union resumed positive growth, and emerging markets such as Central Asia, ASEAN, Latin America, and new forms of cross-border e-commerce also played a driving role. In the fourth quarter, the industry still faces many uncertain factors, and the external environment is becoming more complex and severe. The latest report from the International Monetary Fund shows that the global economic growth rate is lower than the average level of the first 20 years before the beginning of this century. The sustained growth momentum of major economies is insufficient, and in September, the Federal Reserve and the European Central Bank both lowered their respective economic growth expectations for this year by 0.1 percentage points. The trend of declining export product prices is still continuing. On the other hand, due to factors such as the peak holiday consumption season at the end of the year and the domestic conflict in Bangladesh causing some orders to flow back to China, it is expected that China's clothing exports in the fourth quarter will still maintain a certain level of resilience.
