China's textile industry is slowly advancing under pressure

The Economic Operation Briefing of China's Clothing Industry from January to December 2022 (hereinafter referred to as the Briefing) released by the China Garment Association predicts that in 2023, China's clothing industry will enter a recovery and normalization development cycle after experiencing a phased decline. Based on the low base effect of industry operation in 2022 and strong support from the domestic macro cycle, it is expected that the overall economic operation of the industry will improve in 2023, The development trend of "resilient growth and steady recovery" is obvious.

Prior to 2022, the external development environment faced by China's textile industry was extremely severe. Risk factors such as weak market demand, high raw material costs, and a more complex trading environment have had a significant impact on the textile industry, resulting in significantly increased economic operational pressure. Textile enterprises have made efforts to overcome various risks and shocks, and although some operating indicators have fallen year-on-year, the decline is small.