China's down industry is experiencing a rare polarization. Foreign trade data for the first five months of 2026 clearly outlines a pattern: exports continue to weaken, while imports expand at a startling pace. The 66% year-on-year surge in May imports alone signals a deep structural shift.
Export Decline: Weak Overseas Demand is the Culprit
From January to May, total down industry exports reached approximately $650 million, down 14.2% year-on-year, with the decline widening compared to the Jan-Apr period. This is not a loss of competitiveness but a direct result of external consumption cycle fluctuations. Major markets like Europe and the US are adjusting their consumption structure, slowing down procurement of down products and extending inventory digestion cycles. For domestic companies focused on OEM and exports, short-term order pressure is real. However, the product mix in exports has not deteriorated, indicating that companies are still iterating products and preparing for a market rebound.
Import Surge: High-Quality Demand as Core Driver
In stark contrast to weak exports, the import market is booming. Total imports from Jan-May reached $350 million, up 46.5% year-on-year; May alone saw $87.09 million in imports, with growth accelerating from 15.2% in April to 66.0%. This data reveals a key trend: domestic demand for high-quality down raw materials and premium finished products is accelerating.
Raw down imports epitomize this trend. From Jan-May, raw down imports totaled 15,000 tons, up 13.1% year-on-year, but the import value reached $170 million, surging 70.3%. The value growth far outpacing volume growth means international premium down prices have risen sharply. Global supply of high-quality goose and duck down is tight, and domestic brands have rigid demand for high-fill-power, high-cleanliness materials, forcing companies to accept higher procurement costs. In May alone, raw down import value soared 118.6%, further confirming this cost transmission path.
Down garment imports also performed strongly. From Jan-May, 2.017 million pieces were imported, up 25.3% year-on-year, with an import value of $180 million, up 29.9%. In May, import volume and value grew 39.9% and 41.8% respectively. This indicates rising consumer willingness to purchase foreign high-end down jackets, resonating with the trend of domestic down jacket brands moving upmarket. Competition between imported high-end products and local brands will further drive overall industry quality improvement.
Industry Impact: Dual Domestic-International Layout Becomes a Must
The current polarization presents different opportunities and challenges for each link in the supply chain. For upstream raw material suppliers, high international prices increase domestic procurement costs, but also push for better material utilization or development of high-quality domestic alternatives. For midstream manufacturers, shrinking export orders require more flexible capacity adjustments, while growing domestic demand for premium products offers space for differentiated production. For downstream brands, the influx of imported high-end products intensifies competition but also provides a benchmark for local brands to upgrade.
From a policy and regional cluster perspective, down industry clusters in Zhejiang, Jiangsu, and Anhui are transitioning from 'large-scale import and export' to 'refined import and export.' Fabric companies in Keqiao and Nantong need to focus on functional and fashionable upgrades of down jacket outer fabrics to match the import substitution demand for high-end garments.
Practical Recommendations
For Procurement Teams - Monitor international down raw material price trends; lock in supply through long-term contracts during high price periods to avoid spot market volatility. - Prioritize sourcing raw materials with traceability certifications (e.g., RDS) to meet downstream brand transparency requirements. - Increase testing and alternatives for domestic high-end down raw materials to reduce reliance on single import sources.
For Foreign Trade Companies - Explore emerging markets like Southeast Asia and the Middle East for exports, where demand for down products is nascent and tariffs and logistics costs are relatively manageable. - Leverage imported raw materials to develop high-value-added product lines, such as ultra-light down jackets or outdoor functional down wear, to improve gross margins. - Optimize inventory management by diverting slow-moving export stock to domestic channels via discount or e-commerce platforms to ease cash flow pressure.
The structural polarization of the down industry is not a short-term fluctuation but an inevitable outcome of consumption upgrades and global supply chain restructuring. Companies must invest in quality and remain flexible between domestic and international markets to stay afloat in this transformation.