Decline in China's Cotton Fabric Exports, Plummeting to $786M in June 2023

Decline in China

Cotton fabric exports from China experienced a significant decrease in June 2023, dropping to 118M square meters, showing a decline of -13.4% compared to the previous month. Throughout the review period, exports saw a minor shrinkage, with the most prominent growth rate observed in March 2023, recording a 50% increase from the previous month. However, from August 2022 to June 2023, exports failed to regain momentum after reaching a peak of 158M square meters in July 2022. In terms of value, cotton fabric exports declined to $786M in June 2023, according to IndexBox estimates. Overall, exports experienced a noticeable contraction, with the most significant rate of growth occurring in March 2023, recording a 66% month-to-month increase. From August 2022 to June 2023, exports remained at a somewhat lower figure after reaching the peak value of 1.1B square meters in July 2022. The main destinations for China's cotton fabric exports were Bangladesh (24M square meters), Vietnam (14M square meters), and Cambodia (12M square meters), representing 42% of total exports. Mexico, South Korea, Indonesia, and Colombia lagged behind, accounting for an additional 21% of exports. While Colombia experienced the largest increase in shipments with a CAGR of +2.5% from June 2022 to June 2023, other leading destinations showed more modest growth rates. In terms of export type, woven fabrics of cotton, weighing more than 200g/m2 and containing 85% or more by weight of cotton, were the dominant category, constituting approximately 100% of total exports. The volume of this type of cotton fabric export saw an average monthly growth rate of -1.0% during the review period. In value terms, woven fabrics weighing not more than 200g/m2 and containing 85% or more by weight of cotton ($421M) held the largest share of 54% in total exports, followed by woven fabrics containing less than 85% by weight of cotton, mixed mainly or solely with man-made fibers, weighing more than 200g/m2 ($158M) with a 20% share, and woven fabrics of cotton, weighing more than 200g/m2 and containing 85% or more by weight of cotton, with an 18% share. The average export price for cotton fabric in June 2023 was $6.6 per square meter (FOB, China), depicting a 7.6% growth compared to the previous month. However, the export price experienced a slight decline throughout the review period. The most rapid rate of growth in export price was observed in March 2023, with a 10% increase from the previous month. From July 2022 to June 2023, the average export prices remained at a lower figure after reaching the peak of $7.6 per square meter in June 2022. There were notable disparities in average prices across major overseas markets, with Vietnam having the highest price at $7.9 per square meter, while South Korea had one of the lowest average prices at $2.1 per square meter. The price trend for exports to Vietnam showed the most noteworthy growth rate at +1.7%, while other major destinations experienced mixed price trends.

Source: IndexBox Market Intelligence Platform

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