While the export market struggles with weak demand, China's down import sector has posted striking figures. From January to May 2025, total down imports reached $350 million, a 46.5% year-on-year surge, with May alone hitting $87.09 million—up 66%. This growth rate quadrupled April's 15.2%, highlighting sustained import momentum.
Structural Divergence: Export Headwinds vs. Import Boom
The export weakness is not unexpected. Total down exports for Jan-May stood at $650 million, down 14.2% year-on-year, with the decline slightly widening from the first four months. The two main drags are the down cycle in overseas consumer goods and a shift in global consumption patterns. However, this does not signal a fundamental deterioration of the industry, but rather a combination of cyclical and structural factors.
In stark contrast, imports have surged across the board. The data for raw down is particularly noteworthy: imports reached 15,000 tons, up 13.1%, but the corresponding value hit $170 million, skyrocketing 70.3%. The value growth far outpaced volume, indicating a sharp rise in international prices for high-quality raw down. This is driven by a dual logic: tight global supply of premium down resources keeps international prices high, while domestic demand for high-quality raw materials from brands and manufacturers continues to expand, forcing companies to increase overseas procurement.
High-End Consumption Unleashed: Down Garment Imports Rise in Volume and Value
Down garment imports also maintained double-digit growth. From Jan-May, a total of 2.017 million pieces were imported, valued at $180 million, up 25.3% and 29.9% respectively. In May alone, 405,000 pieces were imported, valued at $49.99 million, with respective growth rates of 39.9% and 41.8%. The synchronized acceleration in both volume and value indicates rising domestic consumer demand for high-end imported down apparel.
What does this mean for domestic brands and OEMs? The high unit price and gross margin of imported high-end down jackets are challenging the traditional logic of competing on price. Chinese consumers are increasingly willing to pay for better fill power, more sustainable supply chains, and more fashionable designs—the very attributes that allow imported products to command a premium.
Price Pass-Through and Supply Chain Restructuring
The fact that raw down import value growth (70.3%) is five times that of volume growth (13.1%) is a price signal that will ripple through the entire supply chain. For down product manufacturers, rising raw material costs will directly compress profit margins. Companies relying on cheap raw materials and high-volume, low-margin strategies will face greater cost pressure, while those that have secured stable relationships with overseas suppliers and positioned themselves in the high-quality segment will be better able to maintain product competitiveness while controlling costs.
From a regional industry cluster perspective, areas like Xiaoshan in Zhejiang and Lu'an in Anhui, which are major down processing hubs, as well as garment manufacturing bases in Changshu (Jiangsu) and Pinghu (Zhejiang), will all feel the direct impact of raw material price volatility. Processors need to time their procurement more precisely, while apparel brands must balance product pricing with cost management.