National Fabrics Import And Export Overview, January-May 2024

Yarn Exports Slightly Down in Jan-May, Fabric Exports Continue to Grow
From the overall export situation of yarn fabrics, 2024 January-May, I yarn fabric exports 33.33 billion U.S. dollars, up 2.3% year-on-year, mainly driven by fabrics. From the specific products, yarn exports of 5.81 billion U.S. dollars, down 2.9% year-on-year, fabric exports of 27.53 billion U.S. dollars, up 3.5% year-on-year.
January-May yarn imports continued to grow, fabric imports fell slightly
From the import situation, I intermediate goods imports increased significantly, January-May, yarn fabric imports totaled 3.41 billion U.S. dollars, an increase of 9.3 per cent year-on-year, mainly driven by yarn imports. From the specific products, yarn imports of 2.32 billion U.S. dollars, an increase of 14.2%, fabric imports of 1.09 billion U.S. dollars, down 0.03%.
May single-month growth in exports of intermediate goods, imports fell
From the export situation, May single month, I exported intermediate 7.67 billion U.S. dollars, an increase of 7.6%, of which exports of yarn 1.29 billion, an increase of 3.7%, exports of fabrics 6.38 billion U.S. dollars, an increase of 8.4%.
From the import situation, May single month, I imported intermediates 670 million U.S. dollars, down 9.5%, of which 430 million U.S. dollars of imported yarn, a year-on-year decline of 10.1%, imported fabrics 240 million U.S. dollars, a year-on-year decline of 8.4%.
External demand remains weak
In June, the manufacturing purchasing managers' index (PMI) was 49.5%, unchanged from the previous month, the first half of this year, China's economy as a whole to maintain a stable recovery of the main tone, the average value of the manufacturing PMI from January to June was 49.8%, compared with the average value of the second half of 2023 rose 0.3 percentage points.
In the manufacturing PMI sub-item, several features are shown: 1) the production index is still better than the new orders index, the former is in the expansion range, the latter is in the contraction range, which means that the production and sales rate may still be at a low level, and the demand is weak. 2) the manufacturing finished goods inventory index has further rebounded, and the raw materials inventory index has continued to fall, which means that the inventory of finished goods may be mainly passive accumulation. 3) the raw materials purchasing price index fell back following last month's rebound.
Currently, the market is dominated by small and short orders, with some yarn companies only able to schedule orders up to the first half of July, and only a few orders can be carried over to August or even beyond, reflecting the lower willingness of downstream customers to place orders as well as the cautiousness brought about by market uncertainty, which further confirms weakening demand in the market.
Many countries plan to increase tariffs on cross-border e-commerce
With the rapid development of cross-border e-commerce, some countries believe that the original tax policy is no longer able to adapt to the new business form, and therefore need to adjust their tax policies to better regulate cross-border e-commerce activities and ensure fairness in taxation. Currently, a number of countries, from the EU to the US to South America and Southeast Asia, are planning to increase import tariffs on cross-border e-commerce small parcels within certain limits.