China's Knitted Fabric Export Experiences Slight Decline to $12.9B in 2023

China Knitted Fabric Exports

In 2023, after two years of growth, there was significant decline in shipments abroad of knitted or crocheted fabrics, when their volume decreased by -6.1% to 2.4M tons. The total export volume increased at an average annual rate of +4.3% from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 with an increase of 15%. The exports peaked at 2.6M tons in 2022, and then reduced in the following year.

In value terms, knitted fabric exports contracted to $12.9B (IndexBox estimates) in 2023. The total export value increased at an average annual rate of +4.2% from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2022 when exports increased by 35%. As a result, the exports reached the peak of $14.9B, and then declined in the following year.

Exports by Country

Brazil (355K tons) was the main destination for knitted fabric exports from China, accounting for a 15% share of total exports. Moreover, knitted fabric exports to Brazil exceeded the volume sent to the second major destination, Argentina (159K tons), twofold. The third position in this ranking was taken by Turkey (158K tons), with a 6.5% share.

From 2013 to 2023, the average annual growth rate of volume to Brazil totaled +14.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Argentina (+20.5% per year) and Turkey (+15.2% per year).

In value terms, the largest markets for knitted fabric exported from China were Egypt ($1.7B), Mexico ($1.3B) and Brazil ($1.1B), together accounting for 31% of total exports.

Egypt, with a CAGR of +36.7%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Exports by Type

Fabrics, knitted or crocheted, of a width of > 30 cm (1.3M tons) was the largest type of knitted or crocheted fabrics exported from China, accounting for a 53% share of total exports. Moreover, fabrics, knitted or crocheted, of a width of > 30 cm exceeded the volume of the second product type, knitted or crocheted pile fabrics (527K tons), twofold. The third position in this ranking was held by knitted or crocheted fabrics, of a width > 30 cm, containing by weight >= 5% of elastomeric yarn or rubber thread (372K tons), with a 15% share.

From 2013 to 2023, the average annual rate of growth in terms of the volume of fabrics, knitted or crocheted, of a width of > 30 cm exports totaled +4.0%. With regard to the other exported products, the following average annual rates of growth were recorded: knitted or crocheted pile fabrics (+7.7% per year) and knitted or crocheted fabrics, of a width > 30 cm, containing by weight >= 5% of elastomeric yarn or rubber thread (+2.1% per year).

In value terms, fabrics, knitted or crocheted, of a width of > 30 cm ($6.6B) remains the largest type of knitted or crocheted fabrics exported from China, comprising 51% of total exports. The second position in the ranking was held by knitted or crocheted fabrics, of a width > 30 cm, containing by weight >= 5% of elastomeric yarn or rubber thread ($2.8B), with a 21% share of total exports. It was followed by knitted or crocheted pile fabrics, with a 19% share.

From 2013 to 2023, the average annual growth rate of the value of fabrics, knitted or crocheted, of a width of > 30 cm exports totaled +3.7%. With regard to the other exported products, the following average annual rates of growth were recorded: knitted or crocheted fabrics, of a width > 30 cm, containing by weight >= 5% of elastomeric yarn or rubber thread (+3.4% per year) and knitted or crocheted pile fabrics (+8.3% per year).

Export Prices by Country

In 2023, the knitted fabric price amounted to $5,325 per ton (FOB, China), shrinking by -7.7% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2022 when the average export price increased by 18% against the previous year. The export price peaked at $5,895 per ton in 2017; however, from 2018 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2023, amid the top suppliers, the country with the highest price was Mexico ($12,183 per ton), while the average price for exports to Guatemala ($2,376 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+15.1%), while the prices for the other major destinations experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform