Industry Data: Focus On The Operation Of Wool Textile Industry In The First Three Quarters

Since 2024, the wool textile industry has faced a complex external situation, with weak overseas market demand, insufficient domestic demand, increased international trade risks, and significantly increased uncertainty in the development of the industry. The industry has improved its market competitiveness through scientific and technological innovation, industrial chain coordination, etc. The efficiency level of the wool textile industry in the first three quarters has remained stable, and production has progressed steadily.

　　 1、 Production situation of wool products

The production of main wool textile products has been stable or recovered since 2024.

From January to September, the cumulative output of wool yarn produced by enterprises above designated size rose again, with a year-on-year growth rate of 4.6%. Except last year, the output of wool yarn in the first three quarters has increased in the past four years, and the yarn production is relatively stable.

Cumulative output growth of wool yarn of enterprises above designated size in the first three quarters of 2018-2024

From 2018 to now, except for the high wool fabric output in 2019 and 2022, the rest are at a relatively low level. In the first three quarters of this year, the cumulative output of wool fabrics produced by enterprises above designated size fell 8.7% year on year, still at a low level.

Accumulated output of wool yarn of enterprises above designated size in the first three quarters of 2018-2024

　　 2、 Market trend of wool textile products

Since this year, the demand of domestic and foreign wool textile products market is insufficient, so the overall sales of wool textile products this year is not full.

　　 1. Domestic consumer market

From the first quarter to the third quarter, the domestic online and offline clothing consumption situation maintained a low growth rate. Among them, the retail sales of clothing, shoes and hats, and knitwear of units above the designated size grew 0.2% year on year, and the online retail sales of clothing products grew 4.1%, both lower than the average growth rate of online and offline retail. The demand for wool textile products from clothing retail consumption is not strong.

2018-2024 growth rate of domestic retail consumption (unit:%)

Source: National Bureau of Statistics

Among them, the production trend of woolen goods is related to the production trend of domestic suits. From 2020, the production of suits will decline significantly, and will rise in 2022, but will decline significantly in 2023. Since this year, the production of domestic suits has not recovered. From January to September, the cumulative production of suits of enterprises above designated size fell 1.8% year on year, and the production demand of wool fabrics, especially worsted wool fabrics, has also been restricted.

Cumulative production and growth rate of suits for enterprises above designated size from 2018 to 2024

Note: Data in 2024 are from January to September, and data in other years are for the whole year

　　 2. Export consumer market

Observe several major wool textile product consumer markets. Since 2024, the demand in the United States, Japan and the European Union has not been strong, and the consumption of wool textile clothing products has declined rapidly.

From January to August, the cumulative amount of various wool textile products imported by the United States was 2.56 billion US dollars, down 4.7% year on year. Among them, the import value of wool woven clothing was 1.25 billion US dollars, accounting for 51.4% of the total import value of wool textile products, with a year-on-year decrease of 9%; The import volume of wool woven clothing was 1.92 million, down 18.3% year on year, and the import volume decreased and the price increased.

Categories of wool textile products imported from the United States from January to August 2023-2024 (unit: USD)

Source: US Department of Commerce

From January to September, Japan imported 143.1 billion yen (about 940 million US dollars) of various wool textile products, down 1.98% year on year. From January to September, Japan imported 10.29 million pieces of wool knitted clothing, down 11.5% year on year; The import volume of wool woven clothing was 2.89 million, down 14.4% year on year. The imports of these two types of woolen clothing products in the Japanese market also showed a decline in volume and an increase in price.

Categories of wool textile products imported from Japan from January to September 2023-2024 (unit: thousand yen)

Source: Ministry of Finance of Japan

From January to July, the total amount of wool textile products imported from outside the EU was 2.3 billion euros, down 14.1% year on year. From January to July, the amount of wool knitted clothing and wool woven clothing imported by the EU fell by 0.8% and 0.4% respectively. The volume and price of woolen clothing products imported by the EU have changed steadily.

Categories of wool textile products imported by EU from January to July 2023-2024 (unit: Euro)

Source: Eurostat

Influenced by this international consumer market, from January to September, China exported all kinds of wool raw materials and products to US $3.08 billion, down 2.9% year on year, and exported all kinds of cashmere raw materials and products to US $1.16 billion, down 11.1% year on year.

2018-2024 China's export of wool textile raw materials and products (unit: 10000 US dollars)

Note: Data in 2024 are from January to September, and data in other years are for the whole year

Source: China Customs

3、 Benefit level of wool textile industry

From January to September, the overall revenue of wool textile was stable. The total operating revenue of wool textile and dyeing and finishing enterprises above designated size increased by 5.4% year on year, with a profit margin of 3.3%, up 0.08 percentage points year on year.

Average profit rate of wool textile and dyeing and finishing enterprises above designated size in 2018-2024

Note: Data in 2024 are from January to September, and data in other years are for the whole year

However, the polarization of wool textile enterprises has further intensified. From January to September, the industry's loss area rose again, and more than 30% of wool textile, dyeing and finishing enterprises above designated size in the first three quarters were in a loss state.

Loss of wool textile, dyeing and finishing enterprises above designated size from 2015 to 2024

Note: Data in 2024 are from January to September, and data in other years are for the whole year

From January to September, the finished products of wool textile and dyeing and finishing enterprises above designated size accounted for 20.4% of current assets, and the industry inventory level did not change much, still at a relatively high level.

Composition of current assets of wool textile and dyeing and finishing enterprises above designated size from 2018 to 2024 (unit: 10000 yuan)

Note: Data in 2024 are from January to September, and data in other years are for the whole year

(Source: China Wool Textile Industry Association)