The import value of textiles and textile articles in China has seen significant fluctuations over the past decade. Starting from $40.42 billion in 2013, it experienced a decline until 2016, followed by an upward trend peaking at $36.50 billion in 2023. Notably, 2021 marked a significant increase of 20.88% year-on-year. The trend continued modestly in 2022 and 2023 with around 1.45% annual growth. For the last five years, the CAGR was recorded at 1.35%, indicating moderate growth.
Forecasts suggest a steady increase reaching $39.07 billion by 2028 with a forecasted 5-year CAGR of 1.08%. This indicates positive yet moderate growth, suggesting the market is stabilizing.
Future trends to watch for:
- Potential impacts of global trade policies and regulations
- Technological advancements in textile manufacturing
- Shifts in consumer preferences towards sustainable and eco-friendly products
- COVID-19's long-term effects on the global supply chain and demand patterns.
