China's textile industry develops slowly under pressure

The "Briefing on the Economic Operation of China's Garment Industry from January to December 2022" (hereinafter referred to as the "Briefing") issued by the China Garment Association predicts that in 2023, China's garment industry will enter a recovery and normalized development cycle after experiencing a phased recession. Based on the low base effect of the industry operation in 2022 and the strong support of the domestic macro cycle, it is expected that the overall economic operation of the industry will be good in 2023, and the development trend of "resilient growth and steady recovery" is obvious.
Before 2022, the external development environment of China's textile industry is 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 a significant increase in economic operating pressure. Textile enterprises strive to overcome various risks and shocks, although some operating indicators have declined year-on-year, but the decline is small.
From the perspective of the international market, affected by factors such as insufficient international market demand, overseas order transfer, Sino-US trade frictions, and RMB appreciation, China's clothing exports will face greater downward pressure in 2023, and the overall growth rate will show a trend of first falling and then leveling., The scale will be significantly reduced. 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 consumer demand and replenishment demand are gradually recovering, overseas orders may pick up in the second half of the year, and clothing exports will improve accordingly. At the same time, the "Belt and Road" and RCEP and other trade cooperation agreements continue to advance, "platform drainage content grass live with goods" new marketing model to promote the accelerated development of cross-border e-commerce, will further promote the high-quality development of clothing foreign trade exports.
The Briefing suggests that improving industry resilience and risk resistance remains at the heart 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, make every effort to promote the construction of industrial intelligent manufacturing and industrial Internet platforms, deeply practice cultural self-confidence and green development, aggregate new technologies, new models, and new business development potential, and promote the industry to accelerate the transformation to intelligent, high-end and green.
Source: https://www.tnc.com.cn/info/c-001001-d-3729649.html