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China textile and apparel exports increase, attributed to PFY and PSF

2023-07-06 08:20:55 CCFGroup

During Jan-May 2023, China textile and apparel exports increased year-on-year. However, the export value was affected by price as well as exchange rate.

According to customs data, on RMB basis, May textile and apparel export value was down 10.8% on year and down 1.1% on month, textile export value dropped 11.9% on year and fell 5.5% on month, and that of apparel declined 9.8% on year while increased 3.2% on month.

On USD basis, China May textile and apparel export value was down 13.1% on year and down 1.3% on month, textile export value dropped 14.2% on year and fell 5.6% on month, and that of apparel declined 12.2% on year while rose 3% on month.

Then, is it possible to calculate the quantity?

China customs indeed releases detailed export data. However, as there are too many sub-items, textile and apparel exports are divided into Category 52~63 based on the HS code, in the calculation of quantity.

From the chart above, in Mar and Apr, the exports recorded obvious increase from the year earlier, while in May, the exports were down slightly on year in terms of quantity.

After the exports are divided into different categories, it can be seen that only Category 54, 55 and 62 recorded positive growth during Jan-May, while others dropped from the same period of last year.

Category	Product
63	Other textile products; Complete set of items; Old clothing and textiles; Broken fabric
62	Non-knitted or non-crocheted clothing and accessories
61	Knitted or crocheted clothing and accessories
60	Knitted and crocheted fabrics
59	Textile fabrics impregnated, coated, covered or laminated; Industrial textile products
58	Special woven fabrics; Tufted fabric; Lace; Decorative blanket; Decorative tape; Embroidery
57	Carpets and other textile floor coverings
56	Wadding, felt and non-woven fabrics; Special yarn; Thread, rope, rope, cable and its products
55	Chemical staple fiber
54	Chemical fiber filament; Flat strips and similar products made of chemical fiber textile materials
53	Other plant textile fibers; Paper yarn and its woven fabrics
52	Cotton

The growth of polyester filament yarn (in Category 54) among textile and apparel products, seems to the eye-catching.

However, if we compare the data with PFY and PSF exports statistics released by China customs, the result may be surprising.

Y-o-y export increase in Jan-May 2023

	Increase (kt)		Increase (kt)
Category 54	406	Category 55	40
PFY	407	PSF	108
Discrepancy	-1		-68

It can be concluded that in Category 54, only PFY recorded increment in exports during Jan-May, while other chemical fiber and its filament yarn fabric barely increased. In Category 55, PSF exports rose during Jan-May, but it meant that the exports other staple fiber and its fabric declined apparently.

In other words, the increase in textile and apparel exports in Jan-May was mainly attributed to PFY and PSF, while exports of downstream products and fabrics did not increase but declined instead. The rise in polyester fiber exports more reflects transfer of industry and exploration of overseas markets, and also partially because of India's BIS.

Polyester fiber with its competitiveness, gains more export shares, however, whether it could sustain need to be seen.

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