exports of textiles and apparels have peaked and gradually headed south,

In summary, exports of textiles and apparels have peaked and gradually headed south, which hit the highest in Q1 2021, saw falling growth rate since Q2, while Southeast Asia witnessed rising growth rate.

With weak demand and firm cost, stocks of the whole value chain are likely to accumulate again if the run rate of upstream market rises after the regulation of energy consumption mitigated. However, price of downstream market may be hard to track the uptrend on feedstock market if demand weakens. If the control of energy consumption remains strict, stocks of the whole value chain are likely to reduce and price is expected to rise.