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China’s knitting industry witnesses steady growth in 2015

"The development of knitting industry witnessed some changes after two successive years of one hundred billion breakthroughs in export. According to the General Administration of Customs, the total export of knitting industry (including accessories of knitting garments) was $88.78 billion by the end of November 2015, down by 8.9 per cent year on year."

 

Chinas knitting industry witnesses steady growth in 2015

With weak global consumption, competition for China’s knitting industry increased dramatically in 2015. The industry grew steadily despite transfer or overseas relocation and competition from other Asian countries.

Steady growth

According to the National Bureau of Statistics, there are 5,738 enterprises above the designated size in knitting industry (747 enterprises running under deficit), knits turnover was 644.1 billion Yuan and increased by 3.67 per cent compared to the same period last year when it was 621.3 billion Yuan. To be more exact, knitting garment segment grew by 4.94 per cent while knit-fabric sector was up 2.17 per cent. The total profit in the whole industry was 34 billion Yuan, an increase of 5.4 per cent year on year, enjoying a growth of 1.76 billion Yuan over last year.

Chinas knitting industry witnesses steady growth in 2015

During January to November 2015, the total actual investment in fixed assets of the enterprises above the designated size was 105.3 billion Yuan, up 18.8 per cent year on year with 1,921 new project. China’s investment in knit-fabrics was up 14.8 per cent compared to 22.7 per cent in knitting garment sector. From January to November 2015, production of knitted garment enterprises above the designated size declined slightly, down by 0.69 per cent year on year with 13.03 billion units in accumulative productions this month. From the top-producers standings, the traditional five provinces (Guangdong, Fujian, Zhejiang, Jiangsu, Shanghai city)were still in the top five positions, but Shanghai declined fast, down by 10.22 per cent. Zhejiang remained firm in the first threes despite its negative growth.

The development of knitting industry witnessed some changes after two successive years of one hundred billion breakthroughs in export. According to the General Administration of Customs, the total export of knitting industry (including accessories of knitting garments) was $88.78 billion by the end of November 2015, down by 8.9 per cent year on year. It was expected that there’s some difficulty in breaking through to hundred billion dollars. Export value of knit-fabrics was $13.37 billion, up 3.34 per cent in contrast to $64 billion of the knitting garment, down by 11.89 per cent year on year.

According to the General Administration of Customs, total import of knitting industry was $3.77 billion by the end of November 2015, up 0.5 per cent year on year. Vietnam surpassed Italy and other countries to be the No.1 in import value. At the same time, North Korea, Cambodia and Indonesia enjoyed rapid growth.

Global knit sector outlook in 2016

The international market is difficult to improve greatly as it is affected by continuous fatigue of global economy in 2016 and the main power in the industrial development will rely on domestic market driven by supply-front reform. China’s knitting industry needs to look at how to respond to competition from developed countries in ASEAN. China is actively looking at FTAs (free trade agreement) and formulating a variety of supporting policies for cross-border e-commerce, this will surely help it boost the industry as a whole.

 
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