In the first half of 2010, Shanghai's textile and garment industry showed a revitalized economic growth trend, driven by several positive factors such as a well-established export market for regional textiles, improved demand in certain domestic markets, and a recovery in the quality of Shanghai's textile sector. By the end of June 2010, over 2,000 textile enterprises in Shanghai were operating normally, an increase of 76 compared to the previous year. The industry employed 300,000 people, representing a 5.1% decrease year-on-year. Specifically, 1,099 workers were involved in textile and clothing production, while 39 were added back to consumer enterprises. At the end of June, the number of employees in the textile and apparel manufacturing sector stood at 186,000, down 5.4% from the same period in 2009.
**Simultaneous Increase in Consumption and Sales**
During the first half of 2010, the total consumption value of industrial enterprises in Shanghai’s textile industry reached 38.63 billion yuan, reflecting a 7.8% year-on-year increase. The textile and garment manufacturing industry contributed 20.86 billion yuan, up 2.7% compared to the same period last year. This accounted for 54.0% of the total value of the textile industry in Shanghai. Looking at quarterly performance, the second quarter saw better results than the first. Industrial consumption in the textile sector reached 20.59 billion yuan, a 14.1% increase from the previous quarter and 11.0% year-on-year. The textile and garment manufacturing industry achieved a gross value of 10.73 billion yuan, up 5.8% from the previous quarter and 6.6% year-on-year.
Calculated at comparable prices, the total industrial consumption in the first half of 2010 reached 40.0 billion yuan, up 6.6% year-on-year. Among this, the textile and garment production industry generated 20.67 billion yuan, a 1.7% increase from the same period last year.
According to current sales data, the total output value of Shanghai’s textile industry in the first half of 2010 was 20.21 billion yuan, up 10.6% from the previous quarter and 13.3% year-on-year. The textile and garment manufacturing industry produced 10.48 billion yuan, a 1.0% increase from the previous month and 10.6% year-on-year. The overall production-to-sales ratio was 99.6%, up 1.8% year-on-year, with the textile and garment industry achieving a ratio of 99.9%, up 3.4% year-on-year.
Home textiles remained agile in the finished goods segment, with total industrial consumption reaching 6.87 billion yuan, a 19.7% increase year-on-year. However, the production-to-sales ratio for this category declined slightly, reaching 97.7%. Textile-to-textile products accounted for 18.7% of the total textile industry value.
From July 2008 to June 2010, the total export delivery value of enterprises above the scale in Shanghai showed a fluctuating trend, influenced by global economic conditions. Despite challenges, the textile and garment industry continued to play a key role in Shanghai's economy.
**Garment Export Recovery**
The European debt crisis cast a shadow on the global economic recovery, and the U.S. economy faced uncertainty. Emerging economies began withdrawing from stimulus programs, leading to a more complex and sluggish recovery. China's exports started to show signs of improvement, but the situation remained challenging.
In the first half of 2010, Shanghai’s textile industry achieved an export delivery value of 10.8 billion yuan, up 0.7% year-on-year. The export rate was 28.1%, down 8.3% from the previous year. The textile and garment manufacturing industry exported 6.82 billion yuan, up 2.7% year-on-year, accounting for 63.1% of the textile industry’s total exports. In the second quarter, the export value of the textile industry rose to 5.95 billion yuan, up 22.7% from the previous quarter and 9.8% year-on-year. The textile and garment manufacturing industry exported 3.71 billion yuan, a 19.4% increase from the previous quarter and 13.5% year-on-year. Although Japan and Europe remained the main export destinations, the overall growth was still relatively slow.
**Main Business Spending Rebounded**
The "Expo economy" had a strong market impact, driving the recovery of main business operations in the textile industry and improving social and economic benefits. In the first half of 2010, the main business expenses of enterprises above the scale in Shanghai’s textile industry reached 39.24 billion yuan, up 16.3% year-on-year. The second quarter saw expenses of 20.45 billion yuan, up 8.9% from the previous quarter and 20.0% year-on-year. The textile and garment manufacturing industry recorded main business expenses of 20.84 billion yuan, up 12.0% year-on-year. While the second quarter saw a slight decline of 1.2% from the previous quarter, it still increased by 16.9% year-on-year.
Currently, the industry is showing signs of profitability across the board, though rising raw material prices and uncertain market conditions pose challenges. With the entry of well-known textile brands into the domestic market, the consumption landscape has become more polarized, putting pressure on domestic garment producers and pushing them to innovate in design and technology.
**Asset-Liability Ratio Rebounded**
As of the end of June 2010, the total assets of textile enterprises in Shanghai exceeded 81.58 billion yuan, up 15.8% year-on-year. Total liabilities reached 41.75 billion yuan, up 16.8% year-on-year, resulting in a debt-to-asset ratio of 51.2%, up 0.4% from the previous year. The textile and garment manufacturing industry had total assets of 40.68 billion yuan, up 9.9% year-on-year, and liabilities of 22.15 billion yuan, up 28.0% year-on-year, with a debt-to-equity ratio of 54.4%, up 1.9% year-on-year. Most new deposits were used to fund finished goods, commodity circulation, and accounts receivable.
By the end of June 2010, the asset profit margin for enterprises above the scale in Shanghai’s textile industry was 2.65%, up 66.8% year-on-year. The second-quarter asset profit margin was 1.46%, up 16.5% from the previous quarter and 83.6% year-on-year. For the textile and garment manufacturing industry, the asset profit margin was 3.3%, up 30.1% year-on-year, though it dropped 13.8% month-on-month and 78.7% year-on-year. This indicates that the textile and garment industry remains a key contributor to profits.
Looking at the overall status, the textile industry in Shanghai experienced a revitalizing growth during the first half of 2010, bringing new vitality to the city's fashion culture. However, the industry also faces the challenge of restructuring and adapting to changing market dynamics.
In the second half of 2010, Shanghai’s textile industry is expected to remain in a recovery phase, with further consolidation of its industrial structure. It is estimated that the total industrial consumption will reach around 82 billion yuan in 2010, with the textile and garment production industry contributing about 46 billion yuan and total profits reaching approximately 14.5 billion yuan.
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