The down market is witnessing a stark divergence: import growth surged from 15.2% in April to 66.0% in May 2025. In the first five months, China's total down imports reached $350 million, a 46.5% year-on-year increase, while exports fell 14.2% to $650 million. This contrast is not a short-term fluctuation but the result of global consumption restructuring and domestic industrial upgrading.
Dual Drivers Behind Import Surge: Raw Materials and Finished Products
Raw down imports are the core engine. From January to May, China imported 15,000 tons of raw down, up 13.1%, but the import value soared 70.3% to $170 million. The value growth far outpaced volume, indicating a sharp rise in international premium down prices. In May alone, 2,831.1 tons were imported, up 9.5%, but the value hit $36.84 million, a 118.6% surge. This reflects tight global supply of quality down and rising domestic demand from brands, forcing companies to increase overseas procurement.
Down garment imports also grew rapidly: 2.017 million pieces were imported in the first five months, up 25.3%, with value reaching $180 million, up 29.9%. May saw 405,000 pieces, a 39.9% increase, and $49.99 million, up 41.8%. The simultaneous rise in volume and value signals steady demand from Chinese consumers for high-end imported down apparel, widening the gap between domestic and overseas consumption.
The Long-Term Logic Behind Export Pressure and Industrial Upgrade
On the export side, total exports from January to May were $650 million, down 14.2%, with the decline slightly widening from the first four months. Overseas consumer goods cycles and structural shifts in global demand are key external constraints. However, domestic down companies have not stalled; they continue to iterate products and optimize categories. This suggests the export slump is more a temporary external pressure than a fundamental loss of competitiveness.
The import surge, in turn, confirms the industrial upgrade trend: rising demand from domestic brands and manufacturers for high-quality down raw materials is pushing companies to actively seek overseas resources. This "imports to fill the high-end gap" model is reshaping the supply chain. High international raw material prices will further transmit to end products, encouraging companies to absorb costs through quality premiums.
Strategic Adjustments: Dual Domestic and International Focus
Current market divergence poses new challenges. Export sectors face overall downward pressure, but there is room for market diversification and product adaptation. For example, developing more cost-effective or functional down products for overseas demand can partially offset traditional market shrinkage.
The domestic track offers structural opportunities. Tight supply of high-quality raw materials and rising demand for premium products mean companies can gain an edge by securing procurement and controlling quality. Building competitive products with quality raw materials is an effective path to counter import substitution.