Printing And Dyeing Industry: Analysis Of Economic Operation From January To October In 2021

From January to October 2021, the economic operation of the printing and dyeing industry will continue to maintain the recovery trend, and the main economic indicators will continue to improve. In October, the output of printed and dyed fabrics will remain at a high level, the export of main products will continue to pick up, and the quality and efficiency of enterprises' operation will continue to improve. However, it should also be noted that the growth rate of major economic indicators of the industry from January to October decreased compared with the first half of the year and the third quarter. On the one hand, due to the rise of the base in the same period of last year, on the other hand, in the case of weakening domestic and foreign demand recovery momentum, the industry has insufficient momentum to maintain stable recovery, and the stable development of the industry is still facing many tests.

　　 Production continued to maintain a good momentum

According to the data of the National Bureau of statistics, from January to October 2021, the output of printing and dyeing fabrics of Enterprises above Designated Size in the printing and dyeing industry is 49.468 billion meters, with a year-on-year increase of 17.95%, and an average growth rate of 5.83% in two years, which is 0.49 percentage points higher than that in the first three quarters. Since 2021, the printing and dyeing industry has maintained a good growth trend despite the influence of multiple factors, such as the partial spread of domestic epidemic situation, the poor connection between international supply and demand, and the introduction of power and production restriction policies in some domestic provinces, From January to October, the output of printing and dyeing fabrics of Enterprises above the designated scale achieved a double-digit growth (12%) compared with the same period in 2019. In the first 10 months, the output of the same month remained at a high level of more than 5 billion meters, and the industry production continued to consolidate.

Figure 1 output of printing and dyeing fabrics of Enterprises above Designated Size in the first 10 months of 2021

　　 Export of major products continues to pick up

According to the statistics of HS8 code of China Customs, from January to October 2021, the export volume of eight categories of printing and dyeing products was 22.908 billion meters, with a year-on-year increase of 25.03% and an average increase of 1.88% in two years; The export volume reached 22.828 billion US dollars, up 29.75% year on year, with an average increase of 0.76% in two years; The average export unit price was 1.00 US dollars / meter, with a year-on-year increase of 3.78%, and an average increase of - 0.93% in two years. Since the second half of the year, with the rise of the base in the same period of last year, the year-on-year growth rate of the eight categories of printing and dyeing products and export amount has shown a downward trend, but the average growth rate in the two years has increased slightly, indicating that the market demand is gradually warming up.

Table 1 export of eight categories of printing and dyeing products from January to October 2021

Operation quality and efficiency continued to improve

The recovery foundation still needs to be consolidated

According to the data of the National Bureau of statistics, from January to October, the proportion of three fees for Enterprises above Designated Size in the printing and dyeing industry was 6.77%, down 0.15 percentage points year on year. Among them, cotton printing and dyeing enterprises accounted for 6.60% and chemical fiber printing and dyeing enterprises was 8.04%; The turnover rate of finished products was 17.95 times / year, with a year-on-year increase of 7.13%; The turnover rate of accounts receivable was 8.24 times / year, with a year-on-year increase of 9.43%; The turnover rate of total assets was 1.01 times / year, with a year-on-year increase of 10.61%.

Compared with the same period in 2019, the proportion of three fees of Enterprises above Designated Size in the printing and dyeing industry increased by 0.02%, the turnover rate of finished products and the turnover rate of total assets decreased by 13.09% and 6.51% respectively, The turnover rate of accounts receivable increased by 2.44% (Table 2). According to the above analysis, although the overall production situation of printing and dyeing enterprises is good this year, the recovery process of finished product turnover rate and total asset turnover rate is relatively slow and still at a low level.

Table 2 main operation quality indexes of printing and dyeing enterprises above Designated Size from January to October 2021

According to the data of the National Bureau of statistics, from January to October, 1569 printing and dyeing enterprises above the designated scale realized 233.719 billion yuan of business income, an increase of 18.32% year-on-year, and an average growth of 1.58% in two years; The total profit was 10.374 billion yuan, with a year-on-year increase of 21.06%, and the average growth rate of two years was - 3.51%; The profit margin of cost and expense was 4.75%, increased by 0.14 percentage points year on year; The profit margin of sales was 4.44%, up 0.10% year on year; The number of loss making enterprises was 398, with a loss area of 25.37%, a year-on-year decrease of 8.09 percentage points; The total loss of loss making enterprises was 1.599 billion yuan, with a year-on-year decrease of 16.70%; The export delivery value was 31.316 billion yuan, with a year-on-year increase of 11.77% and an average growth rate of - 4.88% in two years. Compared with the same period in 2019, the cost profit margin of printing and dyeing enterprises above designated size decreased by 0.51 percentage points, the profit margin of sales decreased by 0.48 percentage points, the loss area expanded by 4.10 percentage points, and the total loss increased by 12.67% (Table 3).

From January to October, the operating income and total profit of the printing and dyeing industry achieved double-digit growth year on year, and the profit margin of sales increased slightly, but the profit of printing and dyeing enterprises was still at a low level. The average growth rate of business income of Enterprises above Designated Size in printing and dyeing industry in two years is 0.6 percentage points higher than that in the whole textile industry, but the average growth rate of total profit in two years is 11.9 percentage points lower than that in the whole textile industry, so it is difficult for printing and dyeing enterprises to transmit the cost pressure to the downstream.

Table 3 main operation benefit indexes of printing and dyeing enterprises above designated scale from January to October 2021

From January to October 2021, facing the complex and changeable domestic and foreign environment, China's printing and dyeing industry continued to recover, the main economic indicators continued to repair, and the overall economic operation was stable. But at the same time, there are still many factors of international instability and uncertainty, and there are still constraints on the comprehensive recovery of the industry economy; Second, the rising pressure of enterprise cost is still great, and the profit situation of enterprise will be affected continuously; Third, since the fourth quarter, the global epidemic situation has deteriorated. The new variant virus has led to the declaration of "closure" in many countries, and the domestic epidemic situation has also experienced local recurrence, which has impacted the supply chain of textile industry chain. Overall, the overall recovery of the printing and dyeing industry is still facing greater pressure, and the foundation for the industry to maintain a stable recovery still needs to be further consolidated.

Note: the two-year average growth rate refers to the growth rate calculated by geometric average method based on the corresponding amount of the same period in 2019.

(source: China printing and dyeing industry association)