Analysis of economic operation of sewing machinery industry in the first quarter of 2024

author: Lily Shen

2024-06-13

Since the beginning of this year, the global manufacturing PMI (Purchasing Managers' Index) has been above the boom-bust line, maintaining a high level of prosperity. The international economic recovery has significantly driven the recovery of global trade. With the continuous increase in the implementation of my country's macroeconomic policy combination, especially the implementation of the large-scale sewing equipment renewal policy, indicators such as textile and clothing production, sales, and investment have increased significantly.

It is mainly reflected in the following four aspects.

1.Benefits have improved significantly, and quality and efficiency have recovered steadily.

In the first quarter of 2024, driven by the recovery of domestic and foreign markets, the industry's production and sales scale expanded, and the efficiency of enterprises gradually improved. According to the data from the National Bureau of Statistics, the operating conditions of enterprises above designated size in the industry in the first quarter of 2024 are as follows.

（From National Bureau of Statistics）

2.Production grew at a medium speed, and inventory continued to be optimized.

In the first quarter, driven by the recovery of domestic and foreign demand and active inventory replenishment, the industry's overall production showed a trend of recovery and growth. According to data from the National Bureau of Statistics, in the first quarter, the growth rate of industrial added value of enterprises above designated size in the industry all achieved positive growth in the same month. The monthly changes in industrial added value of enterprises above designated size in the industry are shown in the following figure.

（From National Bureau of Statistics）

The following is the data of 100 complete machine manufacturers compiled by the association showing the growth rate of the main production indicators of the industry's 100 complete machine manufacturers from January to March 2024.

（FROM CUSTOMS）

From the perspective of industry inventory, the effect of reducing inventory in the first quarter was significant. The following is a chart showing the monthly inventory of industrial sewing machines of 100 companies in the industry in the past three years.

（FROM CISMA）

3.Domestic demand continues to pick up, and sales grow steadily.

In the first quarter, the country's series of policies to stabilize growth continued to be effective, downstream industry development expectations continued to improve, investment in textiles, clothing, shoes and hats and other industries increased significantly, and demand for clothing consumption continued to be released, driving the domestic market for sewing equipment to achieve steady growth.

4.Exports have increased steadily, but the stamina is still insufficient.

In the first quarter of 2024, driven by the release of overseas demand for replenishment and the gradual recovery of the international footwear market, my country's sewing machinery industry's foreign trade has actively recovered and has bottomed out, but the momentum for continued recovery in the short term is still insufficient. Judging from the monthly export data, the monthly export growth rate of my country's sewing machinery industry has turned from negative to positive since December 2023. The following is a table of the amount of sewing machinery products exported by the industry in the past three years.

（FROM CISMA）

You can also refer to the import and export briefing of the sewing machinery industry from January to March 2024.
//www.zjkwonglam.com/article-From-January-to-March-2024-Import-and-Export-Briefing.html

Overall, international trade rebounded significantly in the first quarter, and my country's economy recovered steadily, driving a significant improvement in domestic and foreign demand compared with the previous year, which enabled my country's sewing machinery industry to achieve a smooth start to the year.

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From January to March 2024 Import and Export Briefing: What to Know in the Sewing Machinery Industry