China-Egypt textile trade faces significant downturn

According to Fibre2Fashion's market insight tool TexPro, China imported 0.720 million kg of cotton at an average price of $3.54 per kg between January and March 2024, totalling $2.551 million. This marks an 89.68 per cent decrease compared to the same period in 2023, when imports were valued at $24.729 million and involved 6.815 million kg of cotton at an average price of $3.63 per kg.

For the entire year of 2023, Chinese cotton imports fell to $53.114 million from $107.444 million in 2022. The total volume slightly decreased from 18.159 million kg to 17.132 million kg, while the average price dropped from $5.92 per kg to $3.10 per kg. In 2021, China imported just 1.297 million kg of cotton at an average price of $2.98 per kg, valued at $3.861 million, highlighting significant volatility in the cotton trade over recent years.

China’s apparel exports to Egypt have also seen a decline. In the first quarter of this year, exports decreased to $25.961 million from $47.375 million in the same period last year, a 45.20 per cent drop. This continues a downward trend from a peak of $177.634 million in 2021, post-COVID-19. Exports fell to $118.063 million in 2022 and further to $99.873 million in 2023, as per TexPro.

Given the current global economic climate, it will be challenging for China to recover its apparel export levels to Egypt this year. The overall sentiment in the textile industry remains cautious amid economic uncertainties.

Fibre2Fashion News Desk (KUL)