China's textile industry continues to demonstrate resilience in the face of global economic challenges, with recent trade data showing mixed but stable performance. In the first half of 2024, China exported $135 billion worth of textiles and clothing, down slightly by 2% from the previous year. Despite the decline, China's textile industry remains a dominant force in the global market, accounting for more than 30 per cent of global textile exports.

The slight decline was attributed to several factors, including slowing demand in major markets such as the United States and the European Union, both of which are grappling with slowing economies and inflationary pressures. Exports to these regions fell by 5% and 4%, respectively. However, higher demand in emerging markets such as Africa and Southeast Asia, where exports rose 8 percent and 6 percent, respectively, helped offset those losses.

China's textile industry is also dealing with the impact of a rising yuan, which has appreciated 4 per cent against the US dollar since the start of the year. That makes Chinese goods more expensive for international buyers, further challenging export competitiveness.

Despite these obstacles, Chinese manufacturers are reducing costs by investing in automation and sustainable production practices to meet the growing global demand for environmentally friendly textiles. Industry analysts predict that while short-term challenges remain, China's textile industry has the ability to maintain its global leadership, especially as it diversifies its export markets and strengthens its supply chain resilience.

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