In 2021, in the face of complex and ever-changing domestic and international situations and various risks and challenges, my country’s printing and dyeing enterprises have actively adjusted their development strategies. The output of printed and dyed fabrics has maintained a good growth trend, the export scale of main products has further expanded compared with before the epidemic, and major economic indicators have continued to recover. , corporate profitability has improved significantly, the industry has shown strong development resilience, and achieved a good start in the “14th Five-Year Plan”. However, it should also be noted that the current global epidemic has not yet been effectively controlled. Although commodity prices have fallen, they are still at a high level. The connection of the textile industry chain and supply chain is still not smooth enough. The foundation for the industry to achieve a comprehensive recovery still needs to be further consolidated.
Production situation remains good
Production growth remains stable and solid
According to data from the National Bureau of Statistics, from January to December 2021, the output of printed and dyed fabrics by enterprises above designated size in the printing and dyeing industry was 60.581 billion meters, a year-on-year increase of 11.76%. The two-year average growth rate was 6.15%. The two-year average growth rate has increased for 4 consecutive months. In 2021, the development environment faced by my country’s printing and dyeing industry will still be complex. Multiple factors such as the epidemic, flood conditions, power and production restrictions, and rising raw material prices are superimposed, and the production of printing and dyeing enterprises has been affected to a certain extent. However, driven by the gradual recovery of the consumer market and the continued recovery of terminal demand, the production of the printing and dyeing industry has maintained a good growth trend. The monthly output of printing and dyeing cloths by enterprises above designated size has remained above 5 billion meters, and the cumulative output for the whole year has exceeded 60 billion meters, a record high of nearly Best level in ten years.
Figure 1 Monthly output of printing and dyeing fabrics by enterprises above designated size in 2021 (100 million meters)
Market demand continues to pick up
Exports achieved rapid growth
According to China Customs HS 8-digit code statistics, from January to December 2021, the export volume of the eight major categories of printing and dyeing products was 28.230 billion meters, a year-on-year increase of 22.11%, and the two-year average growth was 2.59%; the export value was US$28.743 billion, a year-on-year increase of 28.83%. The average annual growth rate was 2.39%; the average export unit price was 1.02 US dollars/meter, a year-on-year increase of 5.50%, and a slight decrease of 0.39% from 2019. In 2021, driven by the rebound in international market demand, the export of major products in the printing and dyeing industry showed a trend of “rising volume and price”, with export scale exceeding the same period in 2019; the average unit price of exports continued to rise, with an increase of 6.25% at the end of the year compared with the beginning of the year. my country’s indirect exports of printing and dyeing products are also showing an expansion trend. From January to December, my country’s total exports of clothing and clothing accessories reached US$170.263 billion, a year-on-year increase of 24%, and an average growth of 7.7% in two years, setting a new high in the scale of clothing exports in the same period since 2016.
Table 1 Export status of eight major categories of printing and dyeing products from January to December 2021
From the perspective of export markets, Nigeria, Vietnam, Bangladesh, Indonesia and Brazil are the top five export markets for my country’s eight major categories of printing and dyeing products. The export volume is more than 1 billion meters, and the year-on-year growth rate exceeds 20% except for Vietnam. Among them, Bangladesh and Indonesia’s demand for my country’s eight categories of printing and dyeing products has grown strongly, with year-on-year increases of 46.71% and 49.40% respectively, and their contribution to the growth of my country’s printing and dyeing product exports has reached 17.35%. In traditional markets, exports to Japan have returned to pre-epidemic levels, with export volume slightly increasing by 1.10% compared with 2019; exports to the United States have continued the decline in the past two years, with exports of 393 million meters in 2021, a year-on-year decrease. 19.52%, a decrease of 34.37% from the same period in 2019. This is mainly related to the Sino-US trade friction initiated by the United States in recent years and the Xinjiang-related bill passed by the United States in 2021 that prohibits Xinjiang products from entering the US market. In 2021, the export quantity of my country’s five major categories of cotton-related products in the United States, including pure cotton dyed fabrics, pure cotton printed fabrics, cotton blended dyed fabrics, cotton blended printed fabrics, and T/C printed and dyed fabrics, decreased significantly year-on-year by 50.05%, 61.31%, respectively. 28.66%, 19.35%, 56.06%.
Table 2 Main export markets for eight categories of printing and dyeing products in 2021
Operation quality steadily fixed
The connection between production and sales is still not smooth
According to data from the National Bureau of Statistics, from January to December, the proportion of three fees for enterprises above designated size in the printing and dyeing industry was 6.68%, a year-on-year decrease of 0.13 percentage points, of which 6.52% was for cotton printing and dyeing enterprises and 7.86% for chemical fiber printing and dyeing enterprises; the turnover rate of finished products was 18.31 times /year, a year-on-year increase of 1.09%; the accounts receivable turnover rate was 8.22 times/year, a year-on-year increase of 3.21%; the total asset turnover rate was 1.04 times/year, a year-on-year increase of 9.39%.
Compared with 2019, the proportion of three fees for enterprises above designated size in the printing and dyeing industry will decrease by 0.04 percentage points in 2021, indicating that with the increase in raw material prices, companies have become more refined in cost control, and the proportion of three fees has shown an overall downward trend; finished products The turnover rate and total asset turnover rate decreased by 15.68% and 5.78% respectively, and the accounts receivable turnover rate increased by 0.57%. In 2021, with the gradual release of global consumer demand, the demand for container transportation will remain high. Most export-oriented companies will face the dilemma of “hard to find a box”. The recurrence of epidemics at home and abroad has further hindered the effective connection between supply and demand, and product delivery. The cycle is forced to be extended. Data from the National Bureau of Statistics show that from January to December 2021, the printing and dyeing industryThe inventory of enterprises above large-scale reached 34.970 billion yuan, with the year-on-year growth rate increasing month by month. The cumulative year-on-year growth for the whole year was 12.78%, an increase of 13.79 percentage points compared with the same period in 2020.
Table 3 Main operational quality indicators of printing and dyeing enterprises above designated size from January to December 2021
Operational efficiency continues to improve
Profit pressure has eased
According to data from the National Bureau of Statistics, from January to December, 1,584 printing and dyeing enterprises above designated size across the country achieved operating income of 294.987 billion yuan, a year-on-year increase of 15.06%, and an average growth of 2.07% in the two years; total profits were 15.913 billion yuan, a year-on-year increase of 25.60%. The average annual growth rate was 0.25%; the cost and expense profit margin was 5.84%, a year-on-year increase of 0.54 percentage points; the sales profit margin was 5.39%, a year-on-year increase of 0.45 percentage points; the number of loss-making enterprises was 331, with a loss area of 20.90%, a year-on-year decrease of 6.36 percentage points; The total loss of loss-making enterprises was 1.748 billion yuan, a year-on-year decrease of 5.37%; the completed export delivery value was 38.819 billion yuan, a year-on-year increase of 12.30%, and an average decrease of 3.25% in the two years. However, compared with the same period in 2019, the cost profit margin of printing and dyeing enterprises above designated size decreased by 0.22 percentage points, the sales profit margin decreased by 0.20 percentage points, the loss area expanded by 1.98 percentage points, and the total loss increased by 2.17%, see Table 4.
Table 4 Main operating efficiency indicators of printing and dyeing enterprises above designated size from January to December 2021
Since 2021, raw material prices have continued to fluctuate at high levels, coupled with factors such as poor international logistics and high freight prices, the operating costs of printing and dyeing companies have increased significantly. According to data from the National Bureau of Statistics, in 2021, the total costs and expenses of enterprises above designated size in the printing and dyeing industry will increase by 14.01% year-on-year. The rising costs have put enterprises under greater pressure on the profit side. With the solid advancement of the country’s “six stability” and “six guarantees” work and the continued efforts of a series of policy combinations to protect people’s livelihood, promote consumption, and expand domestic demand, the main economic indicators of the printing and dyeing industry have gradually improved, and corporate profitability has continued to increase. From January to December The two-year average growth rate of operating income of printing and dyeing enterprises above designated size increased by 2.80 and 1.15 percentage points respectively compared with the first half of the year and the first three quarters. The two-year average growth rate of total profit achieved positive growth for the first time, and the sales profit margin increased compared with the first half of the year and the first three quarters respectively. 1.53 and 1.16 percentage points.
Looking forward to 2022, the economic operation of the printing and dyeing industry still has the conditions and foundation for stable and positive growth, but stable development still faces many uncertainties. On the one hand, my country’s economic development is highly resilient and has great potential, and the fundamentals of long-term economic growth have not changed. With the central government’s determination of the economic work policy of “stability is the top priority and making progress while maintaining stability”, the national level will actively launch a series of benefits that are beneficial to With policies to stabilize the economy, the vitality of market entities will also be continuously stimulated. At the same time, the world economy is also expected to remain on the track of recovery and gradually improve, which will provide impetus for the improvement of market demand in the textile printing and dyeing industry. But on the other hand, the global COVID-19 epidemic continues to evolve. High inflation rates in developed countries such as Europe and the United States have become an important obstacle to world economic recovery. Expectations for tightening monetary policies in developed economies have increased, which will negatively restrict market consumption capacity and consumer confidence. In addition, raw material prices are still fluctuating at high levels, rising operating costs and difficulties in transmitting prices downstream have put pressure on the profit growth of printing and dyeing companies, and corporate development confidence still needs to be solidified.
Note: The two-year average growth rate refers to the growth rate calculated using the geometric mean method based on the corresponding corresponding period in 2019.
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