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398.2 billion! Chinas exports of textile materials soared in the first quarter, making Western boycotts of Xinjiang cotton a laughing stock

2021-05-13 08:50:00
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Analysts have pointed out that China's export growth has surprised us again, and the reason behind it is mainly due to the recovery of demand in the US and the resurgence of the epidemic in India, which has led to a large number of orders flooding into the Chinese market, the Global Times reported on May 8, citing foreign media. China's exports totaled 6.32 trillion yuan in the first four months of the year, the data showed. What is more surprising is that in the first quarter of this year, the total value of China's textile raw materials and textile products exports reached 398.228 billion yuan, up 27.7% year on year. In fact, China's cotton production has been overtaking India's since May last year. Even Western countries boycotting Xinjiang's cotton on the pretext of "human rights" did not have much impact. In the first quarter, China's exports of textile raw materials surged, making a mockery of the Western boycott.


In late March this year, Western countries suddenly hyped up the so-called "Xinjiang human rights issue", imposed sanctions on a number of Chinese individuals and entities, and "united" in boycotting Xinjiang cotton, in an attempt to interfere in China's internal affairs and undermine China's territorial integrity. In response, China immediately launched a strong counterattack, the European Union, the United States, Britain and Canada and other countries three times the implementation of countermeasures. Companies boycotting Xinjiang cotton, such as HM, Nike, Adidas and Uniqlo, have also encountered a spontaneous consumer backlash, with sales plunging and search terms for "HM" blocked on Taobao and Tmall.


Under the pressure of Western countries, although some key products and enterprises in Xinjiang were sanctioned, but Xinjiang's cotton exports did not decrease but increased. Data from the General Administration of Customs showed that exports from Xinjiang to the US surged 113% in the first quarter from a year earlier, the Hong Kong-based South China Morning Post reported. It can be seen that the impact of western sanctions on China's raw material market is quite limited, especially after the outbreak of the epidemic in India, due to the impact of local raw material capacity, many orders have been diverted to China, opening up new opportunities for China's raw material market.


In addition to the competitive relationship between China and India in the textile industry, China and India are also the world's top two raw material supply markets except the United States, accounting for about 12% and 9% of the world's raw material supply markets, respectively. Now, due to the epidemic in India, the "lockdown" measures have to be taken, which has a certain impact on the local production capacity of pharmaceutical raw materials, due to the lack of capacity and other related reasons, a large number of orders may be diverted to China. In addition, China will have the opportunity to capture more of the market in terms of the supply of COVID-19 vaccine. According to Xinhua News Agency, India is now being forced to switch from the donor to the recipient, which may cause a run on global vaccine resources.


No matter where the country is, the demand for drugs is raw. India occupies an important position in the global supply of pharmaceutical raw materials. If India is affected by the epidemic, the supply of API in India is strained, it is likely to reshape the global supply pattern of pharmaceutical raw materials. China has a relatively sufficient capacity of pharmaceutical raw materials, and will be the most capable country to undertake Indian pharmaceutical raw materials production in case of problems in the Indian supply chain.


India and China are both populous countries, but their different approaches to fighting the epidemic have led to far different results. China brought the epidemic under control in a short period of time, and now its economy has begun to recover comprehensively. It is one of the few countries in the world with positive GDP growth, and its development prospects in all aspects are very good. India, on the other hand, has been passively fighting the epidemic since the first wave of the outbreak, which is now out of control again. All industries in India have been hit hard by the epidemic. The epidemic has robbed India of many development opportunities, and a large number of investors and companies have turned their eyes to China. India's export of textile raw materials has been surpassed by China, which may be just the beginning. If the epidemic cannot be brought under control soon, India will be surpassed in more aspects.


Analysts say the gap in performance between China and India is as much about their systems as their attitudes. After the outbreak, China united as one and concentrated efforts to contain the epidemic in a small area, and finally ensured the security of the whole country. India, on the other hand, is fragmented. After the second wave of the disease, regions are competing for oxygen, causing chaos. This fully shows that the superiority of the system is of great importance to a country. As long as China continues to make use of its institutional advantage of concentrating power to accomplish big things, it can be solved well, whether it is an epidemic, an economic problem, or Western sanctions.

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