The dilemma of textile industry under Sino-US trade friction

The tariff policy of the United States has caused a certain impact on the export of China's textile industry. Although the proportion of China's exports to the United States has declined, the United States market is still one of the important export destinations for China's textile industry. The high tariff barriers of the United States not only increase the export cost of enterprises, but also put pressure on the profits of enterprises. In addition, the United States has threatened to cancel most-favored-nation status in trade with China, which has further exacerbated the uncertainty of the trade environment.

The Belt and Road Initiative brings new opportunities

The share of China's textile exports to the US has fallen from 17 per cent in 2018 to 9.8 per cent in 2023. Today, China has reached consensus with 17 neighboring countries on building a community of common destiny, and signed Belt and Road cooperation agreements with 25 neighboring countries. China and its neighbors have deepened political mutual trust and integrated interests, and embarked on a bright road of good-neighborly friendship and win-win cooperation. Countries along the Belt and Road are becoming new poles of growth. In 2024, China's textile industry exports to co-construction countries exceeded 120 billion US dollars, accounting for 40% of global exports, an increase of 10 percentage points over a decade ago. In Southeast Asia, the Middle East, Africa and other regions with strong consumer demand and low tariff barriers, enterprises can explore emerging markets through international exhibitions and cross-border e-commerce.