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Briefing on China's Sewing Machine Industry in the First Half of 2020 —— Stability and Marginal Recovery

From:Date:2020/09/17 15:30:44


In face of the challenges brought by the pandemic and the changing environments at home and abroad in 2020, sewing machine manufacturers in China have carried out pandemic prevention and reopening of enterprises in concerted efforts, and kept the industrial chains relatively unharmed by analyzing the situations, taking countermeasures against the pandemic, speeding up the restructuring, strengthening technological innovation, and actively countering the threats; on the other hand, they seized the opportunity to produce pandemic prevention equipment, and made significant contributions to the containment of the pandemic and the stability of sewing industry. Till June, the decline of key economic indicators has apparently slowed down, and showed a strong trend of rebounding though the negative growth of the whole industry has not been reversed yet.

Manufacture

Data from National Bureau of Statistics (NBS) show that the industrial added value accumulatively created by sewing machine manufacturers above designated scale from January to June has fallen by 17.6%, which is 13.9% higher than Q1, but still lags behind the average of national industrial growth of -1.3%.


Growth of industrial added value accumulatively created by sewing machine manufacturers above designated scale over the past 3 years


(Source: NBS)


Revenue

NBS data show that 237 sewing machine manufacturers above designated scale have earned 11,438 million RMBs in total from January to June, which falls by 17.76% on year-on-year basis, but grows by 8.6% compared with Q1. In June alone, sewing machine manufacturers above designated scale have earned 608 million RMBs in total, which is 21.52% higher than the previous month, 46.8% higher than Q1, but 17.34% lower on year-on-year basis; gross profit margin has grown by 1.76% on year-on-year basis to 19.48%; profit rate has grown by 0.51% to 5.32%.


Revenues of sewing machine manufacturers above designated scale 

from January to June, 2020


Key indicators

Nationwide qty

Year-on-year growth (%)

Enterprises qty

237

--

Revenue (thousand RMB)

11,437,688

-17.76

Profit (thousand RMB)

608,338

-17.34

Gross profit rate (%)

19.48

1.76

Profit rate on revenue (%)

5.32

0.51

Profit rate on cost (%)

5.76

0.62

Enterprises incurring losses

74

85.00

Losses (thousand RMB)

110,472

-16.02

Source: NBS)

Export

Data from China Customs show that China has exported sewing machines worth 934 million USDs in total from January to June, which falls by 21.90% on year-on-year basis, but is 0.2% higher than the last 5 months. In particular, the export volume of industrial sewing machine has fallen by 26.41% on year-on-year basis to 1.4179 million sets; the export value of the same has fallen by 26.03% to 446 million USDs.

In June alone, China has exported sewing machines worth 169 million USDs, 20.93% lower on year-on-year basis, but 23.14% higher than the previous month, which demonstrates a trend of recovery. Specifically, the export volume of industrial sewing machine has fallen by 31.96% to 221,700 sets, which is 16.91% higher than the previous month; the export value of the same has fallen by 43.96% to 59.67 million USDs, which is 4.17% higher than the previous month.

China's monthly export value of sewing machine


 (Source: China Customs)

Import

The latest customs data show that China has imported sewing machines worth 487 million USDs, 24.72% higher on year-on-year basis, and nearly 5% higher than the past 5 months, proving that the domestic market has further recovered. In particular, the import volume of industrial sewing machine by China has fallen by 18.99% to 19,000 sets, and import value of the same has fallen by 41.65% to 33.96 million USDs.

China has imported sewing machines worth 111 million USDs in June, growing by 45.21% on year-on-year basis, and 74.01% higher than the previous month. Particularly, the import volume of industrial sewing machine has fallen by 22.33% to 2,810 sets, which is 61.31% higher than the previous month; the import value of the same has fallen by 46.10% to 4.39 million USDs, which is 30.50% higher than the previous month.

China's monthly import value of sewing machine


 (Source: China Customs)