In 2023, the global economy slowed down, leading to a comprehensive decline in consumption and import demand for clothing, shoes, and hats in developed markets such as Europe and America. As a result, orders from major shoe and clothing production locations in ASEAN and South Asia, such as Vietnam and Cambodia, sharply decreased, leading to a significant contraction in demand for sewing equipment. As a result, the industry's export value fell from a high level, with a cumulative export value of 2.892 billion dollars for China's sewing machinery products for the whole year, a year-on-year decrease of 15.62%, falling back to the level at the beginning of 2021.
Export
According to data from the General Administration of Customs, the cumulative export value of sewing machinery products in China reached 2.892 billion dollars in 2023, a year-on-year decrease of 15.62%. Among them, the export volume of industrial sewing machines was 4.32 million units, with an export value of 1.3 billion dollars, a year-on-year decrease of 13.75% and 25.73%, respectively. The export volume of embroidery machines was 119000 sets, a year-on-year increase of 51.59%, with an export value of 493 million dollars, a year-on-year decrease of 0.89%. Except for household sewing machines, the overall export value of various industrial sewing machines and their components in the industry has shown a downward trend of varying degrees.
Export situation of sewing machinery products in China in 2023
(Unit: SET, KGS, USD, %)
Overseas export
In 2023, China's exports to the three key markets of Asia, Latin America, and North America, as well as the Oceania market, continued to show a year-on-year decline, while exports to the African and European markets only showed a year-on-year growth trend. Among the regional markets, China's exports to the "the Belt and Road" market reached 1.88 billion dollars, down 17.64% year on year, accounting for 65.16% of the industry's exports, down 1.60 percentage points year on year; The export value to the RCEP market was 730 million dollars, a year-on-year decrease of 34.27%, accounting for 25.25% of the industry's export value, a decrease of 7.17 percentage points compared to the same period last year; Exports to the South Asian market amounted to 633 million dollars, a year-on-year decrease of 17.16%; Exports to the ASEAN market amounted to 588 million dollars, a year-on-year decrease of 36.42%; Exports to the West Asian market amounted to 286 million dollars, a year-on-year decrease of 11.98%; Exports to the EU market amounted to 167 million dollars, a year-on-year decrease of 8.16%; Exports to the Central Asian market amounted to 143 million dollars, a year-on-year increase of 49.59%; Exports to the East Asian market amounted to 125 million dollars, a year-on-year decrease of 25.44%.
The Main Market Situation of China's Sewing Machinery Products Export in 2023
(Data source: China's General Administration of Customs)