纺织服饰行业周报：纺织出口增速回升，持续关注纺织制造订单回暖

Investment Rating - The industry investment rating is "Overweight" [6] Core Views - The textile and apparel export decline has narrowed, indicating a recovery in orders and a positive outlook for the textile manufacturing sector [7][17] - The paper industry has shown improved profitability in Q1 2024, with a focus on leading paper companies during the peak season [8][20] - Cross-border e-commerce faces increasing operational costs, particularly for sellers on Amazon, which may impact their profitability [10][21] Summary by Sections Textile and Apparel - In April 2024, the textile and apparel export decline narrowed, with cumulative exports from January to April reaching $89.84 billion, a year-on-year increase of 0.6%. Textile exports were $44.28 billion (up 1.2%), while apparel exports were $45.56 billion (flat year-on-year). April's export value was $23.93 billion, down 3.4% year-on-year but up 15% month-on-month [7][18] - The overall trade surplus for the first four months was $255.66 billion, a year-on-year decrease of 3.9% [7][17] Light Industry Manufacturing - The paper industry has seen a positive trend in profitability in Q1 2024, driven by rising pulp prices. The average import price of wood pulp was $643.3 per ton, down 22.8% from the same period in 2023 [8][20] - Major cultural paper companies have increased prices in response to rising costs, and the traditional peak season is expected to enhance profitability [9][20] Cross-Border E-commerce - Amazon has increased operational fees, adding pressure on sellers. Starting June 2024, new return processing fees will be implemented for items exceeding category thresholds, which could lead to higher costs for sellers [10][21] - Sellers are advised to manage return rates effectively to mitigate the impact of these increased costs [10][21]