Home / Knowledge / News / Textiles / Sewing machinery industry gripped by hardships
Sewing machinery industry gripped by hardships
25
Jul '08
The sewing machinery industry of China is suffering due to the impacts of recession in the textile industry this year. Statistics disclosed by China Sewing Machinery Association shows that profits of the industry have dropped 45.56 percent in the period between January and May resulting in losses for nearly one-third of the total enterprises in the sector.

The total output value of the sewing machinery industry touched 6.1 billion yuan in the same period, recording a year on year decline of 21.76 percent, down by 41 percentage points from the growth rate of last year. On the other hand, sales revenue stood at 6.7 billion yuan, down by 13.53 percent compared to the corresponding period last year.

Profits realized amounted to 300 million yuan, reflecting a year on year decline of 46.56 percent and a drop of 55 percentage points from the increase of last year.

As a matter of fact, exports of sewing machines fell by about 9 percent in the first four months of 2008 with export value also sliding by nearly 2 percent marking the first negative growth in seven years.

China is presently, the world's largest producer of sewing equipments with output accounting for 70 percent of the total produce in the world. Since, domestic machines still caters to low-end levels, closure of small and medium sized domestic garment enterprises is bound to shrink the market demand.

A major problem that faces the industry is that around 10 percent of enterprises providing supporting parts of sewing machines have switched to other industries. In this regard, China Sewing Machinery Association had sought the support of the Ministry of Commerce in March with the hope of restoring export tax rebate rate from the current 9 to 13 percent.

Past records have shown that the sewing machinery industry had maintained a remarkable growth of nearly 30 percent per year since 1999. However, due to the recent upheavals like unrestricted expansion, structural imbalance, weak core competitive power and other similar issues, the industry is going through major adjustments.

Fibre2fashion News Desk - China


Must ReadView All

Textiles | On 20th Aug 2017

PetroVietnam, Vinatex discuss reviving PVTEX plant

Discussions are under way between PetroVietnam and textile and...

Courtesy: Mexx

Fashion | On 20th Aug 2017

RNF acquires Mexx fashion brand

RNF, the Dutch sports and fashion holding, has purchased the global...

Textiles | On 20th Aug 2017

Intertextile Shanghai Home Textiles opens on August 23

Intertextile Shanghai Home Textiles, Asia’s leading platform to meet...

Interviews View All

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

August 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
66.7%
No
16.7%
Skip
16.7%

Total Votes: 30

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
43.3%
No
36.7%
Skip
20.0%

Total Votes: 30

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
83.3%
No
6.7%
Skip
10.0%

Total Votes: 30

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
60.0%
No
10.0%
Skip
30.0%

Total Votes: 30


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search