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Textile Economy Slow Growth, Structural Adjustment, Innovation Driven
Release Date:
2014/11/04
"Slow growth, structural adjustment, and innovation-driven are the main characteristics of China's textile economy under the new normal." On October 16, Xia Lingmin, vice president of the China Textile Industry Federation, introduced the economic operation of the industry since this year to the delegates at the enlarged meeting of the sixth executive director of the China Textile Industry Federation.
"Slow growth, structural adjustment, and innovation-driven are the main characteristics of China's textile economy under the new normal." On October 16, Xia Lingmin, vice president of the China Textile Industry Federation, introduced the economic operation of the industry since this year to the delegates at the enlarged meeting of the sixth executive director of the China Textile Industry Federation.
Xia Lingmin, vice president of the China Textile Industry Federation, summarized the main characteristics of the industry under the new normal at the enlarged meeting of the six executive directors of the three China Textile Federation. He introduced that since the beginning of this year, the industry's production, export, investment, domestic sales, and profit growth indicators have all slowed down significantly compared with previous years. This is the basic feature of the new normal.
According to the new situation, the industry has begun to carry out industrial transformation and service, extending from product manufacturing to R & D, design and sales at both ends of the industry, and providing customized services to the market and providing overall solutions. There is also a new trend in the allocation of transnational resources. Going out, transferring production to regions with comparative advantages of factor resources, and focusing on R & D, design and marketing have gradually become strategic choices for enterprise development. The driving force of industry development has changed from quantitative growth to technological innovation and brand promotion. New products, new technologies and new processes are continuously developed and applied, and the rapid improvement of labor productivity is the main feature of scientific and technological innovation, while brand promotion is more manifested in the enhancement of quality, design and rapid response ability. The rapid development of e-commerce has accelerated the informatization and intelligence of the industry. The development of e-commerce has promoted industrial transformation and upgrading, adapted to the needs of small batches, multiple varieties, individualization, and rapid response. E-commerce has become an important circulation channel in the textile industry, and at the same time it has promoted the construction of enterprise information.
Production, investment, profit growth continues to fall
China's economic growth is in the "shift period", and the growth rate of the textile industry has also slowed down. From Shengze silk chemical fiber, Keqiao textile, Changshu men's clothing, stacked stone bridge home textile, Dalang wool knitting and other major domestic textile indexes, since 2014, the upstream market boom index has declined rapidly, the midstream fabric boom index fluctuates and adjusts, and the downstream men's clothing boom index has always been sluggish.
By the end of August 2014, the-share interim report had been disclosed. According to the data analysis of 105 listed textile and garment companies, the operating income increased by only 1.16 per cent year-on-year. Excluding investment income, the total profit decreased year-on-year.
From the investment point of view, investment growth slowed, new projects year-on-year negative growth. From January to August, industry investment increased by 13.86, 2.21 percentage points slower than the same period last year, and new projects started in the industry fell by 0.98. The adjustment of the regional structure of industry investment has slowed down, the growth rate of investment in the eastern and central regions has slowed down, the proportion of investment in the eastern and central regions has declined, and the proportion of investment in the western region has increased.
The scale of profits realized by enterprises above designated size continued to expand, but the growth rate slowed down. From January to August, China's textile industry realized a total profit of 201.151 billion billion yuan, an increase of 10.87 percent over the same period last year. From the perspective of all links in the industrial chain, the profits of clothing, home textiles and industrial textiles close to the terminal have increased rapidly.
From the perspective of quality and efficiency indicators, the sales profit margin from January to August increased by 0.12 percentage points year-on-year, and the proportion of three fees increased by 0.05 percentage points year-on-year. It reflects that the profitability of the industry continues to improve, but since the beginning of this year, the management efficiency has decreased slightly compared with the same period last year, and the operating costs have increased.
Market share in Europe, America and Japan shows a downward trend
According to statistics, from January to September this year, China's textile and clothing exports amounted to 221.899 billion billion US dollars, an increase of 5.95 percent, down about 6 percentage points from the same period in 2013. Among them, the export price fell by 0.51, and the export volume increased by 6.28, and the volume increased faster than the price. The United States, the European Union, Japan, and ASEAN are the key markets for my country's textile and apparel exports, accounting for 55.75 of my country's global exports, an increase of 1.11 percentage points from 2013. The data shows that the US and European markets have recovered significantly.
It is worth noting that China's textile and clothing market share in the United States decreased by 0.97 percentage points from January to August, the EU market share also decreased by 0.68 percentage points from January to July, and the Japanese market share decreased by 3.9 percentage points from January to August.
Domestic retail e-commerce thriving
In terms of domestic demand, the scale of domestic retail demand continues to expand, and the growth rate of clothing demand is lower than the overall demand. From January to August this year, China's total retail sales of consumer goods was 16.61 trillion billion yuan, an increase of 12.1 percent over the same period last year; retail sales of consumer goods were 8.3 trillion billion yuan, an increase of 9.7 percent over the same period last year; and retail sales of clothing was 541.55 billion billion yuan, an increase of 10.4 percent over the same period last year. 1.7 percentage points lower than the growth rate of domestic retail sales of consumer goods. The sales growth of department stores was slow. From January to August, the retail sales of key department stores in my country only increased by 1.78 year-on-year; the retail sales of clothing increased by 2.61 year-on-year; the retail volume fell by 2.25 year-on-year.
What is striking is that the overall development of e-commerce in the industry is rapid. From January to June, the textile and garment e-commerce transaction volume was 1.41 trillion yuan, an increase of 28.18 percent over the same period last year, accounting for 24.91 percent of the national e-commerce transaction volume. Among them, the textile and garment inter-enterprise (B2B) e-commerce transaction volume was 1.1 trillion yuan, an increase of 22.22 percent over the same period last year; the total online retail sales of clothing and home textiles were 277 billion yuan, an increase of 39.20 percent over the same period last year, accounting for 25.18 percent of the country's total online retail sales. In August, the cargo throughput of major textile and garment professional markets also increased rapidly.
It is expected to achieve steady growth throughout the year.
When it comes to the challenges faced by the industry under the new normal, Xia Lingmin believes that raw materials are the primary problem. The price difference between domestic and foreign cotton is large, and the domestic cotton situation is complex. The development of chemical fiber raw materials lags behind the development of products, and the dependence of raw materials on foreign countries is high. Second, the comprehensive cost rose, and the labor cost continued to rise, which was lower than that of the same period of last year. In the first half of the year, the average monthly income of migrant workers increased by 10.3. Third, the pressure on energy conservation and emission reduction is increasing, which has a particularly serious impact on the printing and dyeing industry. Affected by the macroeconomic environment, the growth rate of consumer demand slowed down, affecting domestic demand. The combined factor costs of international competitor countries are low, encroaching on market share, resulting in increased international competition.
For the future domestic demand market, Xia Lingmin said that with the increase of urbanization rate, it will bring new opportunities for the development of the industry. In terms of international demand, the international market has no ups and downs. The U.S. economic growth momentum is strong, and Europe's recovery in the third quarter has strengthened. Affected by the increase in consumption tax, Japan's economy contracted sharply in the second quarter, but it is still on the track of recovery. The emerging economies are divided, the economic growth of the BRICS countries is weak, and the economic trend of the "new diamond eleven countries" is good.
It is estimated that in 2014, the growth rate of the main business income of enterprises above designated size in the textile industry can reach about 8%, the profit growth rate can be maintained at about 10%, and the export growth rate is expected to rebound to about 7%. The whole industry will achieve relatively stable growth.
Source: China Textile Economic Information Network
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