The finalization of RCEP deal on January 1 has enabled China's textile makers to take on bigger orders, especially from Southeast Asian nations. As a report by CGTN shows, ASEAN has already become China's largest textile importer. In 2020, China's textile exports to the other 14 RCEP countries accounted for nearly 26 per cent of its total. The Southeast Asian nations have been China's largest textile importers.
The total value of textile exports from RCEP member states accounts for more than half of the world's total. More dynamic ties between the textile industries in China and ASEAN are expected to bring more dynamism to global trade. For instance, Shanghai-based fabric seller Li Haowei is expecting a bigger demand for synthetic fibers from clothing factories in Southeast Asia. In 2021, Li and his team exported fabrics worth some $240 million, mainly to Bangladesh and Egypt. In 2022, Li expects his clients from the Association of Southeast Asian Nations (ASEAN) members like Vietnam and Cambodia to increase their orders.
