Exports are slowing, imports are accelerating—the foreign trade data for China's down industry in the first five months of 2025 paints a starkly polarized picture. According to publicly available customs data, total exports from January to May reached approximately $650 million, down 14.2% year-on-year, with the decline widening slightly from the January-April period. In stark contrast, imports totaled $350 million, surging 46.5% year-on-year, and May alone saw import value hit $87.093 million, a 66.0% jump from the same month last year, accelerating sharply from April's 15.2% growth.
Two Drivers Behind the Import Surge
The import boom is primarily driven by two categories. First, down raw material: from January to May, imports reached 15,000 tons, up 13.1%, but the import value soared 70.3% to $170 million. In May alone, 2,831.1 tons were imported, valued at $36.843 million, with value growth of 118.6%. The far faster growth in value than volume indicates a sharp rise in international prices for premium down raw materials. Industry data shows global supply of high-quality down remains tight, while domestic demand from brands and manufacturers for premium inputs is expanding, creating a supply-demand mismatch that pushes up costs.
Second, down garments: January-May imports totaled 2.017 million pieces, up 25.3%, with value rising 29.9% to $180 million. May saw 405,000 pieces imported, up 39.9%, and value of $49.994 million, up 41.8%. The simultaneous rise in volume and price signals steady demand from Chinese consumers for high-end imported down apparel, aligning with the broader trend of domestic consumption upgrading.
Export Pressure: Cyclical Pain or Structural Shift?
The export weakness reflects more the cyclical pressure from external markets. Total exports of $650 million fell 14.2% year-on-year, with the decline slightly widening. A downturn in overseas consumption cycles and shifts in global demand structures are the main drags. However, the fundamental industrial upgrading of Chinese down enterprises—driven by product iteration and category optimization—remains unchanged despite short-term export fluctuations. Feedback from major down production clusters like Liu'an in Anhui and Xiaoshan in Zhejiang indicates that foreign trade firms are accelerating product adjustments to meet overseas preferences for lighter, functional down products.
For buyers and foreign trade enterprises, the current polarization presents both challenges and opportunities. High import growth suggests rising domestic reliance on premium raw materials and finished goods, while export adjustments require greater flexibility in responding to market volatility.
Practical Recommendations
For Buyers - Monitor international down raw material prices closely; given current high levels, consider phased procurement or long-term contracts to lock in costs and avoid peak-season premiums. - Prioritize suppliers with global supply chain capabilities to hedge against shortages or price fluctuations from single sources. - For high-end finished goods, communicate ordering cycles with overseas brands early, using import data to gauge market heat and prevent stockouts or overstock.
For Foreign Trade Enterprises - Accelerate market diversification in exports, focusing on emerging markets like Southeast Asia and the Middle East to reduce reliance on traditional European and American markets. - Seize the opportunity of tight premium raw material supply in the domestic market by investing in R&D to improve product quality and build differentiated, higher-margin products. - Optimize inventory management: control finished goods inventory on the export side, while moderately building up premium raw material stocks on the import side to meet growing domestic demand from consumption upgrading.
The structural upgrade of the down industry is an unstoppable trend. The cold-hot contrast in import and export data is not merely a cyclical fluctuation but a combined result of shifting global consumption patterns and domestic industrial evolution. Enterprises that maintain resilience in export adjustments and seize opportunities in domestic demand growth will be best positioned to navigate this polarized market.