China’s textile machinery import and export situation in the first quarter of 2024

China’s Textile Machinery Trade in Q1 2024: Challenges amid Economic Uncertainties

According to China’s customs statistics, the total import and export value of textile machinery in China from January to March 2024 reached $1.651 billion, a decrease of 10.54% year-on-year. This included $599 million in textile machinery imports, down 17.70% year-on-year, and $1.051 billion in exports, down 5.87% year-on-year.

Textile Machinery Imports

Looking at the import product categories, auxiliaries and spare parts topped the list with $174 million in imports, up 18.54% year-on-year and accounting for 28.99% of total imports. Among the seven major product categories, two saw increases while five declined, with the largest drop in non-woven fabric machinery imports, likely due to capacity saturation. Chemical fiber machinery imports also saw a significant decline.

In 2023, Japan, Germany, Italy, Switzerland, and Belgium remained the main sources of China’s textile machinery imports, with the top five importers accounting for $2.493 billion, down 4.23% year-on-year and 84.12% of total imports. Japan continued to lead as the top import origin and maintained a positive growth trend.

Textile Machinery Exports

In the first quarter of 2024, China’s customs data showed that knitting machinery exports reached $315 million, up 18.97% year-on-year and accounting for 29.97% of total exports, taking the top spot. Among the seven major product categories, two saw increases and five saw declines, with a notable drop in weaving machinery exports, while knitting machinery and post-treatment machinery exports grew.

During this period, the combined exports to India, Vietnam, Bangladesh, Turkey, and Pakistan accounted for 55.33% of total exports, down 8.69% year-on-year, as the main destinations for China’s textile machinery exports.

Exports to countries along the Belt and Road Initiative reached $809 million, down 4.42% year-on-year and accounting for 76.96% of total exports. Notably, exports to Southeast Asia and Central and Eastern Europe experienced more significant growth.

Industry Outlook

Looking ahead to 2024, the global economic recovery process is uneven and volatile. The divergence in economic performance between the US and Europe continues, with signs of rising inflation in the US delaying interest rate cuts and maintaining higher rates for longer, further dampening manufacturing demand. Geopolitical tensions and policy uncertainties are also adverse factors disrupting the economic recovery, with the potential for further impacts on food and energy prices due to geopolitical events.

These factors are expected to lead to continued weak demand, presenting significant risks and challenges for the textile machinery industry.

On the other hand, in the context of promoting new industrialization, the textile machinery industry will continue to rely on technological innovation to achieve digitalization, intelligence, high-end, and green development. The new generation of smart manufacturing technologies will open up broader prospects for product and equipment innovation. The textile machinery industry must seize development opportunities and drive high-quality development, achieving industry transformation and upgrading.