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Economic Briefing on Sewing Machinery Industry in August

Time:2020-10-29 Browse Volume:163

As domestic economy steadily recovers and demands in global markets gradually rebound, the sewing machinery industry in China has reopened rapidly, and its export has been significantly improved. In August, the negative year-on-year growth of sewing machinery export has been reversed, and the decline of major economic indicators like manufacture, sale, revenue has slowed down, proving that the sewing industry continues to resume. Nevertheless, it is still faced with pressures on continuing the improvement due to the higher risks of a second wave of pandemic overseas, the grave and complicated situation of global economy, and the two-digit negative growth rate of major economic indicators.

Manufacture

National Bureau of Statistics (NBS) data show that the industrial added value accumulatively created by sewing machine manufacturers above designated scale from January to August has fallen by 16.00% (1.10% higher than in July, 15.50% higher than Q1), indicating that the manufacturing recovers gradually.


Growth of industrial added value accumulatively created by sewing machine manufacturers

above designated scale over the past 3 years



(Source: NBS)

Revenue

NBS data reveal that from January to August 236 sewing machinery manufacturers above the designated scale have accumulatively created a revenue of 15.47 billion RMBs, falling by 16.61% than in the previous year, but growing by 0.57% compared with last month, and 9.87% higher than Q1; made a profit of 862 million RMBs in total, falling by 7.36% on year-on-year basis, growing by 9.07% and 55.87% compared with last month and Q1 respectively; fulfilled a gross profit rate of 19.40%, which is 1.09% higher than last year, and a profit rate of 5.57% regarding revenue, growing by 11.10% on year-on-year basis. The revenues made by these above manufacturers in August has fallen by 5.24% than last month, and the total profit has grown by 1.68% since July.

Revenues of sewing machinery manufacturers above designated scale
from January to August

Key indicators

Nationwide qty

Year-on-year growth

Enterprises qty

236

--

Revenue (thousand RMB)

15,473,222

-16.61

Profit (thousand RMB)

861,891

-7.36

Gross profit rate (%)

19.40

1.09

Profit rate on revenue (%)

5.57

11.10

Profit rate on cost (%)

6.01

10.74

Enterprises incurring losses

66

73.68

Losses (thousand RMB)

147,754

-17.55

(Source: NBS))

Export

As shown by China Customs data, China has exported sewing machines worth 1,362 million USDs in total from January to August, which falls by 17.77% on year-on-year basis, but is 2.87% higher than last month. In particular, the export volume of industrial sewing machine has fallen by 22.41% on year-on-year basis to 2.10 million sets; the export value of the same has fallen by 26.35% to 613 million USDs.

In August, China has realized positive growth of sewing machinery export and  has exported sewing machines worth 221 million USDs, 0.89% higher on year-on-year basis, and 7.14% higher than the previous month, which demonstrates a trend of recovery. Specifically, the export volume of industrial sewing machine has fallen by 4.17% to 344,200 sets, which is 4.06% higher than the previous month; the export value of the same has fallen by 20.19% to 88.26 million USDs, which is 11.95% higher than the previous month.

China's monthly export value of sewing machine

 (Source: China Customs)


Year-on-year growth of monthly export value of China's
sewing machinery industry in 2020

 (Source: China Customs)


Export of sewing machinery in August, 2020


(Source: China Customs)

Import

The latest customs data show that from January to August China has imported sewing machines worth 646 million USDs, 17.57% higher on year-on-year basis, 4.86% lower than the past month. In particular, the import volume of industrial sewing machine by China has fallen by 23.71% to 25,000 sets, and import value of the same has fallen by 40.18% to 45,99 million USDs.

China has imported sewing machines worth 70.79 million USDs in August, falling by 11.05% on year-on-year basis, and 18.96% lower than the previous month. Particularly, the import volume of industrial sewing machine has fallen by 8.51% to 3,106 sets, which is 27.19% higher than the previous month; the import value of the same has fallen by 12.82% to 6.51 million USDs, which is 17.90% higher compared with last month.

China's monthly import value of sewing machine

 (Source: China Customs)

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