Like all the other sectors textile and garments exports are critically hit by the ongoing global COVID-19 pandemic and the industry is still suffering significantly. Despite COVID-19, Chinese textile and garments manufacturers saw significant export growth with a 9.6% year on year in 2020.
According to National Development and Reform Commission, the textile industry was stable for the better part of the year though there was a temporary decline in garment exports. While garment exports declined by 6.4% during the year, textile exports jumped 29.2 % year-on-year in 2020. When many other textile exporters were facing a sluggish export activity, China is the only economy that kept its growth through many other industries along with textile and garments.
Textile and fashion apparel gained 9.6% growth combined which stands for US$291.22 year on year. Category-wise, $137.38 worth of garments export declined in 2020. On the other hand, $153.84 billion worth of textile export increased till November 2020.
Chinese textile and garments export saw the highest growth in December 2020. The textile export hit 12% year-on-year growth valued at $12.29 billion while garments export also increased by 2.8% valued at $13.19 billion.
The textile and garments industry is not the only industry to grow during a pandemic, most of the other export from China including textile and garments have also grown which stands 3.6% combined. With this robust export growth, the Chinese national GDP has increased 2.30% in 2020 in comparison to the previous 2019.
When the whole world is running on a crisis with a significant business decline, the Chinese economy is roaring and became the only economy to gain positive trade growth and expecting to be exceptionally busy in the first quarter of 2021.