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Economic Briefing on Sewing Machinery Industry in Sept

Time:2020-11-25 Browse Volume:74


As domestic economy steadily recovers and demands in global markets gradually rebound in the second half of 2020, China's sewing machinery industry has reopened rapidly, and its export has been significantly improved. In September, the industrial added value created by enterprises above designated scale has achieved positive growth for the first time this year, and the growth of sewing machinery export has soared compared with last year and last month. Moreover, the decline of major economic indicators like manufacture, sale, revenue has further slowed down, proving that the sewing industry continues to resume.


Manufacture

National Bureau of Statistics (NBS) data show that the industrial added value accumulatively created by sewing machine manufacturers above designated scale in September has increased 6.00%, back to positive growth for the first time this year; the gross industrial added value in September has fallen by 13.50%, (2.50% higher than previous month, and 4.10% higher than Q2), 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)




Growth of monthly industrial added value created by enterprises above designated scale in 2020


 (Source: NBS)


Revenue

NBS data reveal that from January to September 236 sewing machinery manufacturers above the designated scale have accumulatively created a revenue of 18.19 billion RMBs, falling by 12.46% than in the previous year, but growing by 4.15% compared with last month, and 5.30% higher than Q2; made a profit of 872 million RMBs in total, falling by 13.78% on year-on-year basis; fulfilled a gross profit rate of 19.07%, which is 1.33% higher than last year, and a profit rate of 4.79% regarding revenue, falling by 1.50% on year-on-year basis. The revenues made by these above manufacturers in September has grown by 38.5%.

Revenues of sewing machinery manufacturers above designated scale from Jan to Sept

Key indicators

Nationwide qty

Year-on-year growth

Enterprises qty

236

--

Revenue (thousand RMB)

18,192,627

-12.46

Profit (thousand RMB)

872,158

-13.78

Gross profit rate (%)

19.07

-1.33

Profit rate on revenue (%)

4.79

-1.50

Profit rate on cost (%)

5.15

-2.22

Enterprises incurring losses

66

65.00

Losses (thousand RMB)

167,852

-20.34

(Source: NBS)

Export

As shown by China Customs data, China has exported sewing machines worth 1,612 million USDs in total from January to September, which falls by 13.18% on year-on-year basis, but is 4.59% higher than last month, and 8.72% higher than Q2. In particular, the export volume of industrial sewing machine has fallen by 16.92% on year-on-year basis to 2.48 million sets; the export value of the same has fallen by 23.07% to 712 million USDs.


The positive growth of sewing machinery export continues to September ever since the decline was reversed in August; China has exported sewing machines worth 250 million USDs in September, 24.83% higher on year-on-year basis, and 12.73% higher than the previous month. Specifically, the export volume of industrial sewing machine has increased by 34.42% to 386,700 sets, which is 12.33% higher than the previous month; the export value of the same has increased by 6.09% to 99.13 million USDs, which is 12.32% 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 Sept, 2020

 

 (Source: China Customs)


Import

The latest customs data show that from January to September China has imported sewing machines worth 697 million USDs, 11.68% higher on year-on-year basis, 6.89% lower than the past month. In particular, the import volume of industrial sewing machine by China has fallen by 22.71% to 28,100 sets, and import value of the same has fallen by 37.20% to 51.32 million USDs.


China has imported sewing machines worth 51.85 million USDs in September, falling by 31.22% on year-on-year basis, and 26.75% lower than the previous month. Particularly, the import volume of industrial sewing machine has fallen by 13.51% to 3,048 sets, which is 1.87% lower than the previous month; the import value of the same has fallen by 13.37% to 5.33 million USDs, which is 18.23% lower compared with last month.

China's monthly import value of sewing machine

 (Source: China Customs)

On the whole, the sewing machinery industry keeps recovering steadily since Q3. Nevertheless, it is still faced with quite huge challenges due to 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.

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