China's Knitted Fabrics Exports Decline in 2023: A Detailed Analysis
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- Published: Thursday, 20 June 2024 17:12
China, a global powerhouse in textile manufacturing, experienced a notable downturn in its exports of knitted or crocheted fabrics during the year 2023. According to recent data, the country's exports in this category declined by 6.1% to reach 2.4 million tons. In terms of value, the contraction was even more pronounced, with exports totaling $12.9 billion for the year.
Over the past decade, from 2013 to 2023, China's knitted fabrics exports exhibited a fluctuating growth pattern, averaging an annual increase of 4.2%. This period saw significant variability, with the peak growth recorded in 2022 at 35%, totaling $14.9 billion in export value.
Brazil emerged as the leading destination for China's knitted fabric exports in 2023, importing 355,000 tons, which constituted 15% of China's total exports in this category. Following Brazil were Argentina and Turkey, receiving 159,000 tons and 158,000 tons respectively. Notably, China's exports of knitted fabrics to Brazil grew at an annual average rate of 14.7%, while those to Argentina and Turkey expanded by 20.5% and 15.2% respectively.
In terms of export value, Egypt, Mexico, and Brazil collectively accounted for 31% of China's total knitted fabrics exports. Egypt particularly stood out with a remarkable growth rate of 36.7% in export value, signaling strong demand dynamics in that market. Meanwhile, Mexico and Brazil experienced more modest growth trends.
The average export price of China's knitted fabric declined by 7.7% in 2023 compared to the previous year, averaging $5,325 per ton. This decline reflected varying price dynamics across different major markets. For instance, Mexico recorded a substantially higher average price of $12,183 per ton, whereas Guatemala reported a significantly lower average price of $2,376 per ton.
The decline in China's knitted fabrics exports in 2023 underscores broader challenges and shifts in global demand and pricing dynamics. Factors such as fluctuating market conditions, varying export destinations, and price competitiveness have influenced the performance of China's textile exports. Despite these challenges, strategic adjustments and market diversification efforts could potentially mitigate future uncertainties, ensuring sustainable growth in China's textile export sector.
As China continues to navigate these dynamics, stakeholders and industry players will monitor closely for emerging opportunities and strategic avenues to maintain and strengthen its position in the global textile market landscape.
This analysis provides a comprehensive overview of the recent trends and challenges faced by China's knitted fabrics exports, offering insights into the evolving dynamics of one of the world's largest textile exporters.