Cumulative exports from China’s textile and apparel industry through the first five months of the year are on pace to climb to a record in 2008, boosted by stronger growth in textiles than apparel, and by faster growth to European markets. If realized, this would be the sixth consecutive year of record exports. Year to date, total exports are up 15.3%, driven higher by textiles climbing 25.3% from this point last year and apparel up 9.2%.
By destination, total textile and apparel exports are up the fastest both in May and year-to-date to Europe, with sales to other Asian markets slowing and to the Americas slipping from year-ago levels. Reflecting the robust Eurozone retail sales discussed here, Chinese shipments to Europe are up 35.7% in 2008, driven higher by May shipments jumping 38.5%. While Chinese textile exports to the world are outpacing apparel in 2008, apparel shipments to Europe are climbing faster than textiles, both year-to-date and in May. Shipments to the rest of Asia are up 11.7% year to date, driven by faster growth in textiles. Taiwan and the ASEAN region are driving the year-to-date Asian growth, with textile exports continuing to outpace apparel. Volume to the NAFTA region softened from this period last year, owing to a weaker U.S. retail and import market and declining total shipments to Canada and Mexico.
