Analysis of Economic Operation of Clothing Industry in the First Half of the Year

July 25, 2020

Analysis of Economic Operation of Clothing Industry in the First Half of the Year In the first half of 2013, the global economy showed signs of recovery, but the euro zone economy still experienced sluggish growth, dragging down the global economic recovery. In the first half of the year, China’s economy grew by 7.6% year-on-year, down from 7.8% in the first half of last year, and the downward pressure on the economy was greater in the future. .

Overall, in the first half of 2013, the apparel industry in China was basically stable. The profits of enterprises above designated size have grown steadily, but due to the influence of domestic and foreign markets, production factor costs, exchange rates and other factors, the profitability space has narrowed, the loss has expanded, polarization has become evident, and SMEs have relatively weak anti-risk capabilities. Major economic indicators All have a significant decline, and operating pressure has further increased. Garment exports continued to grow and the growth rate declined. The traditional market demand has partially recovered, but China’s share has declined; exports to emerging markets have continued to increase substantially. In the domestic market, the market continues to expand and the growth rate slows down.

The scale of consumption continued to expand, and the growth rate slowed down. In the first half of 2013, domestic apparel sales grew steadily, and the market scale continued to expand. However, due to the overall economy, the growth rate slowed down. The growth rate of the first and second-tier markets is relatively slow, and the growth rate of the large-scale third- and fourth-tier markets is significantly higher than that of the first-tier and second-tier markets, showing strong dynamism. At the same time, apparel network sales still showed strong growth momentum, with sales of all major categories increasing substantially year-on-year.

I. Overall situation: The market scale continues to expand, but the growth rate has slowed down and the price growth has been stable. According to data from the National Bureau of Statistics, from January to June 2013, the total retail sales of consumer goods was 1,107.6 billion yuan, a year-on-year increase of 12.7 percent. The growth rate was 1.7 percentage points lower than the same period of last year and 1.6 percentage points lower than that of the previous year. Among them, the retail sales of consumer goods of enterprises above designated size (units) was 5,555.1 billion yuan, an increase of 10.5% year-on-year, 4.4 percentage points lower than the growth rate of the same period last year. The total retail sales of social consumer goods and apparel increased by 11.7% year-on-year, 4.7 percentage points lower than that of the same period last year.

In terms of price, according to the National Bureau of Statistics, from January to June 2013, the national retail price of apparel products rose by 2.3% year-on-year, a decrease of 1 percentage point from the same period of last year. Clothing consumer prices rose by 2.4% year-on-year and 1.1% year-on-year. In which clothing prices rose 2.5%, footwear prices rose 1.6%. From January to June 2013, the producer prices of clothing manufacturers rose by 1.3% year-on-year, a decrease of 1.2 percentage points from the same period of last year.

On the whole, the growth rate of the sales price of apparel goods tends to be stable, and the increase in the ex-factory price is relatively obvious.

Second, according to market level analysis: First and second-line market, large-scale retail enterprises, the slowdown in the growth of apparel sales is more obvious; third and fourth line market shows strong vitality.

The growth rate of the first and second-tier markets slowed down. According to the statistics from the China National Business Information Center, from January to May 2013, the retail sales of apparel goods of 100 major large-scale retail enterprises in the country increased by 5.79% year-on-year, a deceleration of 4.8 percentage points from the same period of 2012. The retail sales of various types of clothing increased by 1.33% year-on-year, an increase of 1.84 percentage points over the same period of 2012.

The third and fourth tier markets show strong vigor. From January to May 2013, the total turnover of 40 units monitored by the China Textile Industry Federation’s circulation branch reached 268.755 billion yuan, a year-on-year increase of 10.92%. Among them, the total turnover of the apparel professional market was 134.355 billion yuan, a year-on-year increase of 12.15%. The growth rate is obviously higher than that of the first-tier and second-tier markets, showing strong vitality.

Third, by category analysis: men's suits children's clothing increased significantly. According to statistics from the China National Business Information Center, from January to May 2013, major retail enterprises nationwide sold 198 million pieces of clothing, a slight increase of 1.33% year-on-year, but the increase in male suits and children's wear was relatively large, and the growth rate was lower than last year. The increase over the same period was 9.22 and 9.73 percentage points.

From January to May 2013, the growth of major apparel category sales of key large retail companies nationwide. 4. Online sales maintained a substantial increase. In the first half of the year, apparel network sales still showed strong growth momentum, with sales of all major categories increasing substantially year-on-year. Taobao data showed that from January to May 2013, sales of men, women, children, underwear, sportswear increased by more than 58% year-on-year, and apparel accessories increased by 155.06% year-on-year.

The growth rate of export exports fell After China’s clothing exports maintained growth, the demand in the traditional market partially recovered. However, due to factors such as overall demand and the increasing competitiveness of garment industries in Southeast Asia and other regions, the growth rate of exports declined, and the traditional market share decreased, but Emerging market exports maintained a relatively large increase; clothing imports increased year-on-year, with significant increases in imports from ASEAN countries.

Exports: Keeping up with growth, the growth rate of emerging markets is clear The statistics released by the World Trade Organization recently show that the import and export of global goods trade in the first quarter decreased by 0.44% and 0.03% respectively, indicating that the global trade activity is still weak. However, according to China Customs statistics, from January to June 2013, China's total exports of clothing and clothing accessories totaled 76.561 billion U.S. dollars, an increase of 13.4% year-on-year, and the growth rate was down 5.9 percentage points from 19.3% in the first quarter; the accumulated number of clothing exports was 14.280 billion. Pieces, a year-on-year increase of 7.08%.

At the same time, China’s apparel exports to the traditional markets continue to increase in terms of both export volume and export volume, but the volume growth has slowed down. The increase in export volume mainly comes from price increase, and the proportion of exports to the traditional market in total clothing exports is decreasing.

Imports: Significant increase in the amount and amount of imports According to statistics from China Customs, from January to June 2013, China’s imports of clothing and clothing accessories were US$2.464 billion, a year-on-year increase of 17.96%. The number of garment imports was 149 million, an increase of 26.75% year-on-year. The unit price of imports decreased by 7.12%.

The production output increased slightly, and the growth rate was significantly lower than that of the same period of the previous year. From January to June 2013, affected by the overall demand, the growth rate of the output of apparel enterprises above designated size decreased compared with the same period of last year. According to data from the National Bureau of Statistics, from January to June 2013, garment enterprises above designated size completed a total of 12.454 billion garments, an increase of 0.55% year-on-year. Among them, 6.458 billion woven garments and 5.959 billion knitted garments, which were 3.72% and -2.64% year-on-year respectively.

According to data from the National Bureau of Statistics, in the past three years, the growth rate of the output of garment enterprises above the designated size has decreased from 17.68% in the first half of 2010 to 0.55% in the first half of 2013. From the same period of comparison, clothing enterprises above designated size in the first half of 2013 The output growth rate decreased by 7.18 percentage points from the same period of 2012, which was a fall of 11.96 percentage points from the same period of 2011.

Polarization tends to maintain the growth of corporate profits. However, due to factors such as domestic and foreign markets, production factor costs, and exchange rates, the profitability space is reduced. The completion of indicators of enterprises above designated size is basically normal, and the overall efficiency has grown steadily. However, the loss has expanded and the polarization has become more apparent. The enterprises under the scale have weak anti-risk capabilities and operating pressures have increased.

I. Enterprises above designated size: The overall efficiency has grown steadily, but the loss has expanded.

According to statistics from the National Bureau of Statistics, from January to May 2013, there were 14,799 enterprises in the clothing industry above designated size (the annual revenue from main business operations was RMB 20 million and above), and the total realized main business income was 696.296 billion yuan, a year-on-year increase of 13.23%; 36.885 billion yuan, an increase of 15.05%. The industry's profit margin was 5.30%, an increase of 0.08 percentage points over the same period of 2012. There were 2,842 loss-making companies with a loss of 19.20%, an increase of 0.05 percentage points over the same period in 2012.

The profitability of enterprises above designated size in the apparel industry remained stable. According to data from the National Bureau of Statistics, from January to May 2013, the main business income and total profit of apparel enterprises above the designated size increased by 13.23% and 15.05%, respectively, and the growth rate increased by 1.32 and 4.92 percentage points respectively over the same period of 2012.

At the same time, rising costs are still putting pressure on corporate earnings. From January to May 2013, the cost of main business of clothing enterprises above designated size increased by 13.34% year-on-year, an increase of 1.73 percentage points over the same period of 2012; sales gross profit margin was 15.65%, which was 0.08 percentage points lower than the same period of last year.

From January to May 2013, in the five provinces of Guangdong, Fujian, Zhejiang, Jiangsu, and Shandong, the gross margin of sales of enterprises above designated size in Fujian and Shandong increased slightly by 0.16 and 0.23 percentage points. The increase in gross profit margin in the remaining three provinces was higher than last year. There was a slight decrease in the same period.

Due to the expansion of the loss, the amount of losses increased and the efficiency of the company was polarized. While the overall profits have grown steadily, the number of loss-making enterprises and the amount of losses in clothing enterprises above designated size have also increased, indicating that the polarization of corporate profits has become even more pronounced.

According to the national statistics, from January to May 2013, the enterprises above designated size in the clothing industry suffered a loss of 19.20%, an increase of 0.26% year-on-year, and the number of loss-making enterprises increased by 4.22% year-on-year, and the loss amount increased by 23.40%.

Second, the scale of the following enterprises: The major economic indicators fell significantly, the pressure is greater.

The China Garment Association has tracked apparel industry clusters such as Huangshi, Pulandian, Taoyuan, Haitang, Xiliu, Pinghu, and Jintan. In the first half of 2013, all major economic indicators of garment enterprises under the scale have significantly declined. There is a big gap between enterprises above designated size.

Due to the small size and weak risk resistance ability of garment enterprises below the scale, the overall operating pressure is greater under the influence of factors such as the reduction of employees, rising labor costs, and heavy tax burden.

According to data from 30 garment companies under the size of the China Clothing Association, in the second quarter of 2013, the total business income of 30 companies below designated size increased by 5.55% year-on-year, which was significantly lower than that of enterprises above designated size; total profit continued to total It was a loss, but the amount of losses was slightly smaller year-on-year. The total number of employees fell by 2.64% year-on-year, and the operating rate decreased by 0.65% compared with the same period of last year, showing that the current recruitment and employment problems still plague the enterprises; while the reduction in the number of workers, the total wages of employees increased by 10.55% year-on-year, indicating that The increase in costs, especially the increase in labor costs, places greater pressure on apparel companies, especially SMEs.

Investment in Newly-Started Projects to Maintain Growth The investment in the garment industry continues to expand. According to data from the National Bureau of Statistics, from January to June 2013, the enterprises above designated size in the apparel industry in China actually completed an investment of 130.603 billion yuan, an increase of 18.59% year-on-year; 4,336 construction projects, an increase of 2.41% year-on-year; and 1,531 completed projects, an increase of 8.74% year-on-year. .

From the perspective of new projects, from January to June 2013, 2,701 newly-established garment enterprises started new projects, a year-on-year increase of 2.5%. The eastern region is still the key investment area for new projects, accounting for 55.01% of the total number of new projects in the country, and 35.14% and 9.85% in the central and western regions respectively.

Compared with the same period of last year, from January to June 2013, the number of new projects for garment enterprises above designated size in the western region increased faster than in the central and eastern regions, indicating that the industrial investment regional structure continued to adjust and more investment was concentrated in the western region.

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