What’s new: China's light-industry exports declined in the first quarter as Europe and the U.S. battled the threat of recession and consumption slowed. Shipments of everyday consumer goods are an important barometer of China’s total exports.
In the 2023 first quarter, exports by China’s light industry fell 2.63% year-on-year to $207.48 billion, according to the China Chamber of Commerce for Import & Export of Light Industrial Products & Arts-Crafts.
Even so, the chamber is confident of the resilience of light-industry exports and expects steady growth in 2023, Chen Jiangfeng, vice president of the organization, said in an interview with Caixin.
The background: Light industry mainly involves consumer products closely related to people’s daily lives such as footwear, furniture, suitcases, toys, kitchenware and jewelry. Such products accounted for more than a quarter of China's 2022 total exports of $3.59 trillion.
Europe and the U.S. are the main markets for China's light industrial products. Light-industry exports declined since the fourth quarter of 2022 amid weak demand in the major markets, continued pressure on commodities and a high base for the same period in 2021, the chamber said.
Global importers have significantly reduced new orders from China, a number of exhibitors at the country’s biggest twice-yearly trade exposition, the Canton Fair, told Caixin.
Contact reporter Denise Jia (huijuanjia@caixin.com) and editor Bob Simison (bob.simison@caixin.com)
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