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Why China's share in global apparel exports will drop this year?

05
Aug '21
Pic: Shutterstock
Pic: Shutterstock
China’s share in the global apparel exports market went down from 35.15 per cent in 2016 to 29.91 per cent in the first half of 2021. It is expected to decline further in the second half of 2021 to 27.61 per cent. Apparel exports from China amounted to $120.70 billion in 2020 due to the pandemic and are expected to drop to $107.73 billion in 2021.

China’s share in global apparel exports is expected to reduce in the upcoming period of 2021 as manufacturers are planning to shift their production units from China to other territories where government taxes and labour expenses are comparatively less. Some companies have already shifted their production units from China to south Asia, southeast Asia and Africa. This is also supported by poor financial condition of manufacturers due to the COVID-19 pandemic.

The total global apparel exports rose consistently from $439.50 billion in 2016 to $485.44 billion in 2018, recording a rise of 10.45 per cent. China had exported apparel worth $154.51 billion in 2016 and $157.46 billion in 2018, according to Fibre2Fashion’s market analysis tool TexPro.

The global exports declined by 16.96 per cent over 2018 to $403.12 billion in 2020 due to the pandemic. They are further expected to drop by 6.59 per cent to reach $376.56 billion in 2021.

Fibre2Fashion News Desk (KD)


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