In the first quarter of 2025, the global economy continued to show a weak recovery trend. Factors such as the intensification of geopolitical conflicts and the prevalence of trade protectionism have restricted international trade. The US tariff policy has become the biggest variable affecting global economic growth and international trade. Domestically, the slowdown in residents' income growth and the unstable expectations of economic development leading to insufficient domestic demand and weak consumption are the prominent challenges currently faced by the economic operation. Facing a complex situation, relevant state departments have accelerated the implementation of various macro policies, effectively responded to external challenges, and continuously optimized the development environment for enterprises. In the first quarter, the economic operation of China's printing and dyeing industry demonstrated remarkable resilience and got off to a good start. The output of printed and dyed fabrics and the export of major printing and dyeing products maintained a good growth trend, and the production and operation benefits continued to improve. However, it should also be noted that the current imbalance in profits among enterprises in the industry is rather prominent, and market competition has further intensified. The foundation for the high-quality development of the industry still needs to be consolidated.
The production situation got off to a good start and the output maintained a growth trend. According to data from the National Bureau of Statistics, from January to March 2025, the output of printed and dyed fabrics by large-scale enterprises in the printing and dyeing industry increased by 5.74% year-on-year, with the growth rate accelerating by 1.78 and 2.46 percentage points respectively compared to the same period of the previous year and the whole of 2024. The main reasons for the continuous growth of China's printed and dyed fabric output are as follows: Firstly, under the disturbance of international tariff pressure, the "export rush" effect of China's printing and dyeing industry is obvious, and the export of printing and dyeing products achieved a relatively fast growth in the first quarter. Second, since the beginning of this year, national-level policies and measures have been intensified and expanded. Both existing and new policies have continued to take effect, promoting a good start for China's macroeconomy. In the first quarter, China's gross domestic product (GDP) grew by 5.4% year-on-year, up 0.4 percentage points from the full year of 2024. Supported by the stable and improving economic fundamentals, the domestic sales market of textiles and garments has achieved a moderate recovery. In the first quarter, the per capita clothing consumption expenditure of residents across the country increased by 1.2% year-on-year. The retail sales of clothing, shoes, hats, and textile products of units above the designated size in China rose by 3.4% year-on-year, with the growth rate increasing by 0.9 percentage points compared with the same period of the previous year.
The export volume has grown rapidly, while the export unit price has declined significantly. According to the statistics of China's customs, from January to March 2025, the export volume of the eight major categories of printing and dyeing products in China was 8.478 billion meters, increasing by 11.81% year-on-year. The growth rate was 5.27 percentage points higher than that of the same period of the previous year. The export value was 7.38 billion US dollars, increasing slightly by 0.77% year-on-year. The growth rate declined by 4.18 percentage points compared with the same period of the previous year. The average unit price of exports was 0.87 US dollars per meter, decreasing by 9.88% year-on-year. The decline rate expanded by 8.39 percentage points compared with the same period of the previous year. This year, the international environment has been in a state of turmoil. The tariff policy implemented by the US government has had an impact on the global trading system. However, relying on its advantages in industrial scale, industrial support, production efficiency, technology and talent, China's printing and dyeing industry has demonstrated strong resilience in foreign trade. The export volume of the eight major categories of printing and dyeing products still achieved double-digit growth on the basis of a relatively high base last year. It should be noted that under the influence of the uncertainty of the US tariff policy, industry competition has further intensified, leading to a significant expansion in the decline of the average unit price of printed and dyed product exports.
The exports of China's printing and dyeing industry to major markets have shown a trend of increasing volume and decreasing price. In the first quarter, the export volume of China's eight major categories of printing and dyeing products to ASEAN and RCEP trading countries increased by 8.59% and 8.45% respectively, while the average export unit price declined by 13.65% and 13.14% respectively. The decline rates were both higher than the industry's average export level. Among the top ten countries in terms of export volume, only the export volume to Russia declined, while the export volumes to the rest of the countries all increased to varying degrees. Among them, the export volume to Nigeria increased by 44.27% year-on-year, mainly due to a series of reform measures continuously promoted by the local government. Including making up for income loss, strengthening inter-agency cooperation and promoting voluntary compliance of trading entities with regulations, etc. The growth rates of exports to Brazil, Myanmar and Pakistan all exceeded 20%. In terms of the average unit price of exports, the average unit price of exports to the top ten countries decreased by 13.31%. Among them, the unit price of exports to Vietnam decreased most significantly, with a decline of nearly 20%, while the unit prices of exports to India, Pakistan and Russia increased.
The operational efficiency has declined somewhat, while the business benefits continue to improve. According to the data from the National Bureau of Statistics, from January to March 2025, the proportion of the three expenses of large-scale printing and dyeing enterprises was 7.52%, a year-on-year decrease of 0.16 percentage points, and positive results were achieved in the cost control of enterprises. The turnover rate of finished products was 12.66 times per year, a year-on-year decrease of 6.12%. The accounts receivable turnover rate was 7.56 times per year, a year-on-year decrease of 5.46%. The total asset turnover rate was 0.87 times per year, a year-on-year decrease of 1.69%. In the first quarter, the main operational efficiency indicators of the printing and dyeing industry all declined compared with the same period of the previous year. The connection between production and sales in the industry was not smooth, the recovery cycle of accounts receivable was prolonged, the efficiency of asset utilization decreased, and the operating pressure on enterprises increased.
In terms of benefits, according to the data from the National Bureau of Statistics, in the first quarter, the operating income of large-scale printing and dyeing enterprises increased by 2.76% year-on-year, and the total profit increased by 6.98% year-on-year. The profit margin of cost and expense was 3.25%, increasing by 0.14 percentage points year-on-year. The sales profit margin was 3.07%, increasing by 0.12 percentage points year-on-year. Among the 1,823 large-scale printing and dyeing enterprises, the number of loss-making enterprises was 802, with a loss-making ratio of 43.99%, expanding by 0.71 percentage points year-on-year. The total loss of loss-making enterprises was 1.294 billion yuan, a year-on-year decrease of 1.25%. In the first quarter, with the acceleration of industrial production growth, the operating income and total profit of the printing and dyeing industry continued the recovery and improvement trend since 2024, with growth rates 1.78 and 7.28 percentage points higher than those of the textile industry respectively. The profit level of the industry has continued to improve, and the total losses of loss-making enterprises have decreased. However, at present, the loss-making ratio of the printing and dyeing industry is still relatively high, 9.91 percentage points higher than that of the textile industry, reflecting the intensified differentiation in the profit levels of different enterprises.
Overall, the economic operation of China's printing and dyeing industry got off to a stable start in the first quarter. The main production and operation indicators generally maintained growth, and the foundation for the industry's new and positive development was further consolidated. Looking forward to the second quarter, during the buffer period of the US tariff policy, the production and export of China's printing and dyeing industry are still expected to maintain a good growth trend. In the second half of the year and beyond, the US tariff policy will bring about many uncertainties, which will have a profound impact on regional and global trade, investment and supply chains. The resulting chain effect will further reduce the global economic growth prospects, which may drag down the international market's demand for textiles and garments, and the economic operation of China's printing and dyeing industry may come under further pressure. Domestically, insufficient consumption willingness among residents and weak market expectations are the major difficulties and challenges currently faced by economic development.
Although pressure does exist, the positive factors that support the stable development of the industry are also constantly accumulating. With the coordinated efforts of fiscal and monetary policies, the domestic consumption space for the textile and garment industry is expected to be activated and released. The in-depth implementation of the "two major" and "two new" policies will accelerate the process of equipment renewal, technological transformation and digital transformation of enterprises, and the high-quality development of the industry will continue to move towards innovation and improvement. Next, printing and dyeing enterprises should continue to maintain strategic resolve, focus on innovation to strengthen their main business, continuously promote product development and technological transformation, and constantly enhance market competitiveness and product added value. At the same time, we should also actively explore diversified international markets, respond to the uncertainties of the external environment with a global layout, and continuously consolidate and enhance the resilience and advantages of the industry's foreign trade.
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