Review The Economic Operation Data Of Printing And Dyeing Industry In 2024

　　 In 2024, the international environment will be complex, the momentum of world economic growth will be weak, geopolitical conflicts will intensify, and trade protectionism will prevail; The effective domestic demand is insufficient, there is pain in the transformation of new and old driving forces, and some enterprises have more difficulties in production and operation. In the face of the complex and severe situation of increasing external pressure and internal difficulties, the overall economic operation of China's printing and dyeing industry is stable and progressing steadily. The main economic indicators have rebounded and improved. The output of printing and dyeing fabrics throughout the year has achieved a steady growth, the export scale has reached a new high, the development quality and efficiency have been accelerated to repair, and market confidence and development expectations have improved. At the same time, it should also be noted that domestic consumption capacity and willingness are still insufficient, consumption demand needs to be further boosted, the adverse impact of the external environment has deepened, the printing and dyeing industry is facing more uncertainties and instability in export, and there are still many tests to promote the sustainable recovery of the economy.

　　 1、 The production situation has gradually improved and the output has achieved steady growth

　　 According to the data of the National Bureau of Statistics, from January to December 2024, the output of printing and dyeing fabrics of enterprises above designated size in the printing and dyeing industry will reach 57.201 billion meters, an increase of 3.28% year on year, 0.34 percentage points higher than that in the first three quarters. In the fourth quarter, the production situation of the printing and dyeing industry gradually improved. The output of printing and dyeing fabrics rose month by month, and the monthly output remained above 5 billion meters. Among them, the output of printing and dyeing fabrics reached 5.931 billion meters in December, a year-on-year increase of 6.01%, the highest level since March. From the production side, affected by the recent implementation of a package of incremental policies to expand domestic demand and the warming of foreign demand plus the "export competition" of foreign trade enterprises and other factors, the industry production repair accelerated significantly in December; From the demand side, since 2024, China's domestic demand for textiles and clothing has achieved a moderate growth, which forms support for the recovery of production in the printing and dyeing industry. However, the growth of various domestic sales indicators has gradually slowed down, and the recovery of terminal consumption is still not stable. In the whole year, the total retail sales of clothing, shoes and hats, knitwear and textiles of units above the designated size increased by 0.3% year on year, and the online retail sales of clothing increased by 1.5% year on year, with the growth rate falling by 12.6 and 9.3 percentage points respectively from the previous year. Affected by the slow recovery of textile and clothing consumption, the growth rate of China's printed and dyed fabric output showed a trend of "fluctuating and declining in the first half of the year, and gradually stabilizing in the second half of the year".

Figure 1 Production and growth rate of printing and dyeing fabrics of enterprises above designated size in the printing and dyeing industry in 2024

　　 2、 Foreign trade shows strong resilience and export scale reaches a new high

　　 According to the statistics of China Customs, from January to December 2024, the export volume of China's eight major categories of printing and dyeing products will be 33.534 billion meters, up 7.53% year on year, 5.09 percentage points higher than that of the first three quarters; The export value was 31.295 billion US dollars, up 3.88% year on year, 3.89 percentage points higher than that in the first three quarters; The average export unit price was 0.93 US dollars/meter, a year-on-year decrease of 3.39%, and the decrease was 1.00 percentage points higher than that in the first three quarters. In the fourth quarter, with the arrival of important holidays such as Thanksgiving Day and Christmas Day abroad, the demand for overseas textile and clothing restocking is gradually released, and the international market's demand for China's printed and dyed fabrics is increasing. At the same time, affected by the potential additional tariffs imposed by the U.S. government on China's export products, China's textile and clothing enterprises actively adjust the pace of foreign trade and "scramble for exports" in the short term The effect further boosted the export growth of printing and dyeing products.

　　 Throughout the year, despite weak demand in the international market and high risks in the global trade environment, China's printing and dyeing industry still has significant competitiveness in the international market by virtue of industrial chain advantages, scale advantages, technological advantages, talent advantages and product advantages. After the export scale of China's eight major categories of printing and dyeing products exceeded 30 billion meters for the first time in 2023, it reached a new high in 2024, Industry exports show strong resilience. However, it is worth noting that the average export unit price of major printing and dyeing products has continued the downward trend since 2023, and it has dropped to the lowest level in nearly 15 years in 2024, reflecting the impact of the global economic situation, the recovery of international market demand is slow, and the mismatch between supply and demand leads to further intensification of industry export competition.

　　 Figure 2 Export of China's eight categories of printing and dyeing products in 2024

　　 In 2024, the export scale of China's printing and dyeing industry to ASEAN and RCEP member countries will achieve a rapid growth, which is higher than the overall export level, but also presents a trend of "volume increase and price decline". From January to December, China's eight categories of printing and dyeing products exported 7.908 billion meters to ASEAN, a year-on-year increase of 12.14%, 4.61 percentage points higher than the total export growth, accounting for 23.58% of the total export; The average export unit price was 1.19 US dollars/meter, a year-on-year decrease of 2.75%, 0.64 percentage points lower than the overall level. The volume of exports to RCEP member countries was 8.431 billion meters, up 11.35% year on year, 3.82 percentage points higher than the growth rate of total exports; The average export unit price was 1.17 US dollars/meter, a year-on-year decrease of 2.79%, 0.60 percentage points lower than the overall level.

　　 In 2024, the total export volume of China's printing and dyeing industry to the top 10 countries in terms of export volume will reach 14.475 billion meters, with a year-on-year growth of 8.52%, accounting for 43.16% of the total export volume, and the export concentration will be relatively high. Among the top ten countries, only the export volume to Russia decreased by 2.38%, while the export volume to other countries increased to varying degrees. Among them, the export volume to Cambodia increased significantly by 41.32% year on year, and Cambodia replaced Pakistan to enter the top ten countries for the first time. The growth rate of exports to Vietnam and Bangladesh exceeded 20%, mainly because as major garment demand countries began to replenish their stocks, these two countries, as important textile and garment export countries in the world, have significantly increased their demand for China's printed and dyed fabrics. The growth rate of exports to Nigeria, Indonesia, Myanmar and the Philippines was lower than the overall level. The number of exports to Pakistan dropped by 27.71% year on year, and Pakistan's exports dropped to 11th place. Myanmar is the only country among the top ten countries to achieve "volume and price rise".

　　 Table 1 Top 10 Countries in China's Export of Eight Major Categories of Dyeing and Printing Products in 2024

　　 3、 The quality and efficiency of development have been steadily improved, and the efficiency of enterprises has been significantly improved

　　 According to the data of the National Bureau of Statistics, from January to December 2024, the proportion of three fees of printing and dyeing enterprises above designated size will be 6.90%, a year-on-year decrease of 0.05 percentage points, of which cotton printing and dyeing enterprises will account for 6.74%, and chemical fiber printing and dyeing enterprises will account for 7.72%; The turnover rate of finished products was 13.92 times/year, up 0.55% year on year; The turnover rate of accounts receivable is 7.70 times/year, down 3.89% year on year; The turnover rate of total assets was 0.99 times/year, up 2.47% year on year. In 2024, most of the operation quality indicators of the printing and dyeing industry will show a trend of repair and improvement. Enterprise cost control has achieved results, production and marketing will be more smoothly linked, and asset utilization efficiency will be improved. However, there are also problems such as low capital turnover efficiency, extended account recovery cycle, etc., which will affect the business stability and production investment of enterprises to some extent.

　　 In terms of operating efficiency, since 2024, the growth rate of the printing and dyeing industry's operating income and total profit has generally slowed down month by month, but it has still achieved rapid growth throughout the year, and the operating income and total profit have reached the highest level since 2018. According to the data of the National Bureau of Statistics, from January to December 2024, the operating revenue of printing and dyeing enterprises above designated size will be 322.387 billion yuan, up 6.27% year on year; The total profit was 17.754 billion yuan, up 29.03% year on year; Cost profit rate was 5.98%, up 1.09 percentage points year on year; The sales profit margin was 5.51%, up 0.97 percentage points year on year. The number of loss making households of 1804 printing and dyeing enterprises above designated size was 540, with a loss of 29.93%; The total loss of loss making enterprises was 2.885 billion yuan, a year-on-year decrease of 14.91%. In 2024, the overall operating efficiency of the printing and dyeing industry will be significantly improved. The annual growth rate of operating income and total profit will be 2.31 and 21.49 percentage points higher than that of the textile industry, respectively, and the sales profit margin will be 1.60 percentage points higher than that of the textile industry. However, the industry's deficit will still be 9.10 percentage points higher than that of the textile industry, reflecting the further differentiation of the profitability of current printing and dyeing enterprises, The profit level of head printing and dyeing enterprises has continued to improve, and some small and medium-sized printing and dyeing enterprises still face greater profit pressure.

　　 Figure 3 Growth of operating income and total profit of enterprises above designated size in the printing and dyeing industry in 2024

　　 Looking forward to 2025, the global economic situation is still complex and changeable, and many uncertainties will challenge the sustainability and balance of the recovery process. The International Monetary Fund (IMF) predicts that the global economy will still show strong resilience in 2025, and the growth rate is expected to remain at 3.2%. However, the growing trade tensions, the rising risk of trade protectionism, and the possible escalation of geopolitical conflicts will all have a profound impact on the global economy. At the same time, Western countries such as Europe and the United States have implemented "nearshore trade" and "friendly shore trade", and the global supply chain pattern will accelerate adjustment. China's textile printing and dyeing enterprises may face a series of problems such as order reduction, customer loss, and rising costs. In addition, the imposition of tariffs on China's textile products by the United States will further weaken China's textile and clothing export competitiveness, squeeze the profit space of enterprises, accelerate the transfer of domestic printing and dyeing capacity overseas, and have a negative impact on China's textile industry security. On the domestic side, the lack of residents' willingness to consume, the sluggish upgrading of consumption structure and other issues have restricted the steady growth of the industry economy, and the foundation for the recovery of the domestic demand market still needs to be consolidated.

　　 Actual pressure exists, but positive factors are also accumulating. The Central Economic Work Conference regards "vigorously boosting consumption, improving investment efficiency, and expanding domestic demand in an all-round way" as the top priority in 2025. The certainty of domestic policies will become the fundamental support for the smooth operation of the industry. The government will effectively stimulate the vitality of the large-scale market through "more active" financial policies and "moderately loose" monetary policies, It is expected that the production and investment activities of enterprises will continue to improve by improving residents' expectations and adjusting the contradiction between supply and demand. It is expected that the economy of the printing and dyeing industry will remain stable in 2025, and the main economic indicators are expected to continue to recover.

(Source: China Printing and Dyeing Industry Association)