The exports to EU and other developed economies have declined resulting in an increase in exports from Vietnam, Cambodia, Bangladesh, and India to these economies. But the data released by the Chinese Custom authorities show that the garment and accessories exports during Jan-Aug 2022 period reached $118 billion, against exports of $105.74 billion during the corresponding period of 2021.
Month on month basis the exports in August 22 for apparel and accessories were lower at $18.48 billion against exports of 19.64 billion achieved in July 2022. This drop of $106 billion results in decline of 5.60 percent.
Textile exports posted a growth of 10.20 percent by clocking $102.27 during the first eight months of this year. Total textile and clothing exports reached $220.27 billion during this period. It is pertinent to mention that Chinese companies have invested heavily in textile sectors of Bangladesh, Vietnam and Cambodia from where they export textile and apparel to the rest of the world and maintain their grip on textile trade.