The China Textile Import and Export Chamber of Commerce issued a statement saying that in the first half of this year, despite the sluggish global consumption and the uncertainties brought about by the “counter-tariff” measures of the United States, China’s textile and clothing exports still achieved a total of nearly 144 billion US dollars, with a year-on-year growth of 0.8%. Export enterprises shifted from a passive position to an active one, actively adjusted their strategies, endeavored to adapt to changes in the market environment, accelerated the diversification of markets, and carefully optimized their production layouts. They achieved remarkable results and achieved counter-trend growth in exports.
On the other hand, the excessive implementation of tariff policies by the United States not only affected the trade between China and the United States, but also had spillover effects, to some extent, also affecting the trade between China and other economies, accelerating the internal competition within industries, reducing industry profit margins, and making it common for enterprises to experience an increase in revenue and a decrease in profits.
On July 31st, the United States released the latest “reciprocal tariff” rates for nearly 70 countries and regions around the world. The rates for the European Union are 15%, for Canada 35%, for Japan and South Korea 15%, for Vietnam 20%, for Cambodia 19%, for Laos 40%, for Myanmar 40%, and for Thailand 19%. It also proposed to further strengthen supervision over transshipment trade.
Currently, the uncertainty brought about by the US tariff policy is the greatest challenge faced by foreign trade enterprises. From July 28th to 29th, the economic and trade teams of China and the US held a new round of economic and trade talks in Stockholm, Sweden. Both sides agreed to continue to promote the resumption of the 24% part of the US reciprocal tariffs and the Chinese countermeasures that were previously suspended, and to extend their implementation for another 90 days. However, the US simultaneously threatened to impose a secondary tariff on Chinese imports of Iranian and Russian crude oil.
From June to August is the peak period for the shipment of autumn-winter clothing and Christmas/New Year-related consumer goods. It is also usually the months when the annual export volume of textile and clothing products reaches its highest. The export performance in June-August has a significant impact on the overall export situation for the entire year. According to the association’s understanding, affected by the reciprocal tariff policy of the United States, this year, American buyers are cautious in placing orders, and enterprises’ existing orders have decreased compared to the same period last year. Orders from Europe are relatively stable overall. Under the circumstances where the “export rush” effect has weakened and transshipment trade has been hindered, China’s textile and clothing exports in the second half of the year still face downward pressure, and the probability of a decline in exports to the United States and ASEAN is increasing. Driven by market diversification, markets in non-US developed economies such as the European Union, Japan, as well as emerging markets such as Africa and Latin America, are taking turns to “support” China’s textile and clothing product exports, becoming positive driving forces for the growth of exports in the second half of the year.
Post time: Sep-03-2025