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China's H1 2023 Exports Drop 8.35%

In the first half (H1) of 2023, China experienced a downturn in its exports of textiles, clothing, and accessories, with a significant decline of 8.35% compared to the same period in 2022. According to data from the General Administration of Customs of China, the cumulative exports reached $142.677 billion. 

The decline in garment exports was particularly notable, falling by 5.9% during H1 2023. The downward trend persisted in June 2023, even though there was a brief respite in May. The total six-month export value for garments and clothing accessories amounted to $74.981 billion, a 5.9% reduction from the corresponding period in 2022. 

Additionally, China's exports of textiles, including yarn and fabric, experienced a sharp decline of 10.9% year-on-year, with the total dropping to $67.696 billion during the first half of 2023. Simultaneously, China's imports of textile yarn and fabric products also suffered a significant setback, decreasing by 19.6% in the first six months of 2023 compared to the same period in 2022. The total value of imports for these products reached $5.342 billion. In June 2023 alone, the country's imports of textile yarn and fabric products were valued at $1.007 billion. 

The total export value for 2022 reached $323.344 billion, with garments and accessories accounting for $175.396 billion and textile products, including yarn and fabric, contributing $145.079 billion to the overall figure.

 
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