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Briefing on the Economic Status of Sewing Machinery Industry from Jan to Jul

From:Date:2020/09/30 13:34:00


As the pandemic is brought under control and the economy is bound to be fully reopened in China, the demand for sewing machinery in domestic market has grown day by day, and the plight faced by foreign markets has also been slightly alleviated in July, 2020. The decline of key economic indicators pertaining to manufacture, export, profits, etc. has further slowed down, which significantly strengthens the manufacturers' faith, and speeds up the resumption of production. Sewing machinery industry in China, however, is still faced with huge challenges and difficulties against the backdrop of wide spread of Covid-19 in other countries, grave and complicated international economic situation, and weak demand by downstream users.


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 July has fallen by 17.1% (0.5% higher than in June, 14.4% 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 July 235 sewing machinery manufacturers above the designated scale have accumulatively created a revenue of 13.51 billion RMBs, falling by 17.18% than in previous year, but growing by 0.58% compared with last month, and 9.3% higher than Q1; made a profit of 734 million RMBs in total,  falling by 16.43% on year-on-year basis, growing by 0.91% and 47.8% compared with last month and Q1 respectively; fulfilled a gross profit rate of 19.66%, which is 2.27 higher than last year, and a profit rate of 5.43% regarding revenue, growing by 0.91% on year-on-year basis. The revenues made by these above manufacturers in July has fallen by 4.07% than last month, and the total profit has grown by 17.26% since June.

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

Key indicators

Nationwide qty

Year-on-year growth (%)

Enterprises qty

237

--

Revenue (thousand RMB)

13,509,794

-17.18

Profit (thousand RMB)

734,060

-16.43

Gross profit rate (%)

19.66

2.27

Profit rate on revenue (%)

5.43

0.91

Profit rate on cost (%)

5.89

1.06

Enterprises incurring losses

70

89.19

Losses (thousand RMB)

129,621

-9.51

Source: NBS


Export

Data from China Customs show that China has exported sewing machines worth 1,141 million USDs in total from January to July, which falls by 20.64% on year-on-year basis, but is 1.3% higher than the last 6 months. In particular, the export volume of industrial sewing machine has fallen by 25.23% on year-on-year basis to 1.7486 million sets; the export value of the same has fallen by 27.31% to 525 million USDs.

In July alone, China has exported sewing machines worth 207 million USDs, 14.43% lower on year-on-year basis, but 22.65% higher than the previous month, which demonstrates a trend of recovery. Specifically, the export volume of industrial sewing machine has fallen by 19.68% to 330,800 sets, which is 49.21% higher than the previous month; the export value of the same has fallen by 33.79% to 78.84 million USDs, which is 32.12% higher than the previous month.

China's monthly export value of sewing machine


 (Source: China Customs)


Import

The latest customs data show that from January to July China has imported sewing machines worth 575 million USDs, 22.43% higher on year-on-year basis, 2.3% lower than the past 6 months. In particular, the import volume of industrial sewing machine by China has fallen by 25.46% to 21,900 sets, and import value of the same has fallen by 43.13% to 39.48 million USDs.

China has imported sewing machines worth 87.35 million USDs in July, growing by 11.01% on year-on-year basis, and 21.12% lower than the previous month. Particularly, the import volume of industrial sewing machine has fallen by 54.44% to 2,442 sets, which is 13.10% lower than the previous month; the import value of the same has fallen by 50.78% to 5.52 million USDs.

China's monthly import value of sewing machine


 (Source: China Customs)