According to statistics from the General Administration of Customs, national textile and apparel exports in the first quarter were US$65.91 billion, a year-on-year increase of 2.0% (a year-on-year increase of 5.4% in RMB), which was 0.5 percentage points higher than the overall export growth rate of my country's trade in goods. Among them, textile exports were US$32.09 billion, a year-on-year increase of 2.6% (a year-on-year increase of 6.1% in RMB); clothing exports were US$33.82 billion, a year-on-year increase of 1.4% (a year-on-year increase of 4.8% in RMB).
In March, my country's textile and apparel exports to the world were US$20.82 billion, a year-on-year decrease of 17.2% due to the higher base in the same period last year (a year-on-year decrease of 13.8% in RMB). Among them, textile exports were US$10.38 billion, a year-on-year decrease of 16.8% (a year-on-year decrease of 13.4% in RMB); clothing exports were US$10.43 billion, a year-on-year decrease of 17.6% (a year-on-year decrease of 14.2% in RMB).
From January to February, my country's textile industry achieved steady growth in trade with major export markets. Among them, my country's textile and apparel exports to ASEAN were US$75.6, a year-on-year increase of 12.3%. In particular, exports to Cambodia, Indonesia and Malaysia increased significantly by 42.4%, 23.8% and 14.7% year-on-year. With the gradual release of consumer demand, in the first two months, the value of my country's textile and apparel exports to the United States and the European Union increased by 19.3% and 14.1% respectively year-on-year. However, according to March export express data, exports to some markets are expected to decline.
In recent years, with the continuous launch of new domestic production capacity, the production capacity of melt direct-spun polyester filament has reached more than 40 million tons, and the output has steadily increased. According to Longzhong data, the total domestic polyester filament production in the first quarter was approximately 8.84 million tons, year-on-year. An increase of 46%. Although many domestic installations were reduced and suspended before and after the Spring Festival this year, the industry's overall operating rate remained high. Only in February, the average capacity utilization rate dropped to less than 80%. Compared with 2023, the capacity utilization rate still increased by nearly 16%.
In view of the many positive boosts such as the year-on-year increase in overseas orders at the end of last year, most companies have started the new year. The polyester filament market has high hopes for a good start. After the holiday, polyester filament prices fluctuated and rose.
However, it turns out that the large number of overseas orders placed at the end of last year did not last until the end of the year. Instead, it caused misjudgments in the polyester market and maintained a high operating situation, ultimately creating high inventory pressure.
After entering March, my country's exports fell significantly year-on-year. Although the total volume in the first quarter increased slightly compared with the same period last year, after entering March, the market was obviously overdrawn and orders were placed relatively slowly.
