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Economic index reflects improvement in textile sector
12
May '09
Recently released economic data shows that China's economy has improved significantly and orders for equipment manufacturing and other industries have also picked up. Sources point out that China's Purchasing Managers Index, which reflects economic trends, stood at 53 percent in April.

The equipment manufacturing, textile and other industries, which had witnessed a great reduction of international orders last year, have begun to see restored orders to varying degrees in the last two months and performance of some enterprises is even better than in the previous years.

China's textile industry is one of the sectors that has received the most serious impact from the international financial crisis. From the second half of last year to January this year, the textile industry has stood last among all sectors, among the Purchasing Managers' Index.

But, the textile index began to rise February onwards, and shot into the top eight sectors in April. The index for textile sector rose all the way from 28.1 percent to 54.4 percent in April. Many textile enterprises in Jiangsu province have shown very clear signs of recovery; January-April output has achieved an increase of 5.8 percent.

Sources also point out that the majority of high-quality and large-scale enterprises concentrated in Shanghai and Shenzhen totaling to nearly 1,624 listed companies have disclosed their quarterly reports, out of which, all except one, realized good profits adding up to 203.76 billion Yuan in the first quarter.

Despite a year-on-year decline, their net profits increased approximately 4 fold, compared to the fourth quarter of 2008. Four sectors like daily necessities are still below the recovery mark in the index, but 11 industries like chemical and electric power industries are already on the road to recovery.

Fibre2fashion News Desk - China

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