China's raw silk exports plummeted to 307 tonnes in June 2023, marking a 12% drop from the prior month and a notable decline in overall exports. In contrast, the unprecedented 73% month-on-month surge in March 2023 set a remarkable growth record.

In terms of value, raw silk exports dwindled to $18M in June 2023 (as per IndexBox estimates), reflecting a substantial decline. Notably, the fastest expansion was witnessed in March 2023, when exports surged by 76% month over month.

Vietnam (67 tonnes), India (107 tonnes), and Romania (72 tonnes) emerged as the top three destinations, comprising 80% of China's raw silk exports. During June 2022 to June 2023, Romania experienced the most notable growth in exports (CAGR +12.0%), while other key markets displayed varied trends.

In value terms, Vietnam ($3.8M), India ($6.4M), and Romania ($4.4M) collectively contributed 79% to China’s total raw silk exports. Notably, Romania showed the highest export value growth with a CAGR of +10.6%, while other major destinations saw diverse trends.

Examining export prices, raw silk was priced at $60,122 per tonne (FOB, China) in June 2023, representing a -3.4% decline from the previous month. Although the overall export price trend remained steady, April 2023 saw the peak at $65,164 per tonne, while a decline followed in the subsequent months.

Across key external markets, average prices varied. Italy and Myanmar boasted the highest prices in June 2023 ($65,920 and $61,775 per tonne, respectively), while Bangladesh and Vietnam offered lower costs ($56,216 and $56,699, respectively). Notably, Myanmar experienced the most noticeable price growth from June 2022 to June 2023 (+0.8%), while other major destinations displayed moderate changes.