Chinese knitting industry's growth trend to continue

10 Mar '14

2 min read

In 2013, the Chinese knitting industry showed a double-digit growth and its total exports amounted to US$ 109.7 billion, showing a growth of 12 percent year-on-year, but the data analysis shows that the Chinese knitting industry exports are dependent on the developed countries.

The data shows that knitted fabric exports from China to the EU amounted to $260 million last year, up 17 percent year-on-year, while exports to the US amounted to $660 million, an increase of 15 percent year-on-year, and exports to Japan rose by 38 percent year-on-year to $8.12 billion.

Meanwhile, the exports of knitted apparel from China to the EU earned $16.45 billion during the year, showing a growth of 11 percent year-on-year, whereas exports to the US grew by 8 percent year-on-year to $12.24 billion, and exports to Japan increased by 1 percent year-on-year to 96.7 billion.

With the demand picking up in the international market, investment confidence and enthusiasm returned in the Chinese knitting industry last year. As per the data from the National Bureau of Statistics, large-scale Chinese enterprises showed double-digit growth in fixed asset investment. The actual investment was 86.6 billion yuan and the number of completed projects was 1597. The actual investment in knitwear sector grew by 42 percent and the number of newly started projects increased by 15 percent.

After nearly three years of development, Chinese knit fabric industry has become at par with international standards, owing to independent research and development, capacity enhancement, and emphasis on environmental protection and functional improvement.

In 2014, the economic recovery in advanced countries is expected to again become the main driving force of world economic growth. The Chinese overall economy is also likely to maintain steady growth due to domestic economic reform and structural optimization. These favourable economic factors will continue to drive the overall development of the Chinese knitting industry.

Fibre2fashion News Desk - India

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