Focus On The Industry: Analysis On The Economic Operation Of Printing And Dyeing Industry From January To November 2021

From January to November 2021, the printing and dyeing industry generally continued the development trend of steady recovery, the industry production continued to improve, the printing and dyeing fabric output of Enterprises above the scale reached a new high in the same period since the 13th five year plan, the export scale of main products maintained rapid growth, and the quality and efficiency of industry development continued to improve. However, at the same time, the industry is facing a more complex and severe development environment. The epidemic situation and tightening global economic policies are expected to have a certain impact on the stable recovery of market demand. In addition, the prices of major raw materials in the industry are still fluctuating at a high level, the pressure of enterprise cost rise has not been relieved, and the profit level is still on the low side, and the foundation for the stable development of the industry still needs to be further consolidated.

　　 1. Continuous consolidation of production trend

According to the data of the National Bureau of statistics, from January to November 2021, the output of printing and dyeing fabrics of Enterprises above Designated Size in the printing and dyeing industry will reach 54.996 billion meters, with a year-on-year increase of 15.12% and an average increase of 5.89% in two years. Since 2021, despite the complex situation of continuous spread of foreign epidemic situation and multi-point spread of domestic epidemic situation, the industry production still shows a good growth trend. In the first 11 months, the output of printing and dyeing cloth of Enterprises above designated scale in the same month has remained at a high level of more than 5 billion meters. As shown in Figure 1, the cumulative output has reached a new high in the same period since the 13th five year plan, and has exceeded the annual output in 2020, It is estimated that the output of printing and dyeing fabrics of Enterprises above Designated Size will exceed 60 billion meters in 2021.

Figure 1 output of printing and dyeing fabrics of Enterprises above Designated Size in the first 11 months of 2021 (100 million meters)

　　 2. The export of major products maintained a rapid growth

According to the statistics of HS8 code of China Customs, from January to November 2021, the export volume of eight categories of printing and dyeing products reached 25.352 billion meters, a year-on-year increase of 22.64%, and an average increase of 2.12% in two years; The export volume reached US $25.583 billion, a year-on-year increase of 28.78% and an average increase of 1.57% in two years; The average unit price of export is 1.01 USD / m, with a year-on-year increase of 5.00% and an average decrease of 0.49% in two years. Although since the second half of the year, with the increase of the base in the same period of last year, the growth rate of export volume and export amount of eight categories of printing and dyeing products slowed down, but still maintained a high level of more than 20%; From the average growth rate of two years, the export volume has increased slightly since July, indicating that the international market demand for printing and dyeing products has been gradually restored.

Table 1 export of eight categories of printing and dyeing products from January to November 2021

　　 3. The operation quality continued to be repaired, and some indexes were repaired slowly

According to the data of the National Bureau of statistics, from January to November, the proportion of three fees for Enterprises above Designated Size in the printing and dyeing industry was 6.68%, with a year-on-year decrease of 0.14 percentage points. Among them, cotton printing and dyeing enterprises accounted for 6.53%, and chemical fiber printing and dyeing enterprises accounted for 7.80%; The turnover rate of finished products was 17.55 times / year, with a year-on-year increase of 3.67%; The turnover rate of accounts receivable was 8.33 times / year, with a year-on-year increase of 11.74%; The turnover rate of total assets was 1.01 times / year, up 8.43% year on year. Compared with the same period in 2019, the proportion of three fees of Enterprises above Designated Size in printing and dyeing industry increased by 0.04%, the turnover rate of finished products and total assets decreased by 16.99% and 7.38% respectively, and the turnover rate of accounts receivable increased by 4.55%, as shown in Table 2.

From January to November, the year-on-year growth rate of accounts receivable turnover of printing and dyeing enterprises above designated size increased by 2.31 percentage points compared with that of January to October, indicating that the capital turnover efficiency of enterprises continued to improve, but the repair process of turnover rate of finished products and total assets turnover rate was slow, and the year-on-year growth rate slowed down by 3.46 and 2.18 percentage points respectively compared with January to October, mainly due to the impact of the epidemic, Textile industry chain supply chain connection is still not smooth enough, leading to the extension of product delivery cycle. According to the data of the National Bureau of statistics, from January to November, the inventory of Enterprises above Designated Size in the printing and dyeing industry increased by 12.67% year-on-year, 12.72% higher than that in the same period in 2020. The poor production and sales lead to the decrease of enterprise operation efficiency.

Table 2 main operation quality indexes of printing and dyeing enterprises above designated scale from January to November 2021

　　 4. Steady improvement of operating efficiency and pressure of profit

According to the data of the National Bureau of statistics, from January to November, 1583 printing and dyeing enterprises above Designated Size realized 263.156 billion yuan of business income, a year-on-year increase of 17.13%, and an average increase of 0.93% in two years; The total profit was 12.602 billion yuan, with a year-on-year increase of 21.83%, and an average decrease of 3.04% in two years; The profit margin of cost and expense was 5.14%, increased by 0.22 percentage points year on year; The profit margin of sales was 4.79%, up 0.19 percentage points year on year; There were 387 loss making enterprises, accounting for 24.45% of the total, with a year-on-year decrease of 7.05 percentage points; The total loss of loss making enterprises was 1.653 billion yuan, a year-on-year decrease of 13.67%; The export delivery value was 34.915 billion yuan, an increase of 11.41% over the same period of last year, and an average decrease of 4.42% in two years. Compared with the same period in 2019, the cost profit margin of printing and dyeing enterprises above designated size decreased by 0.54 percentage points, the profit margin of sales decreased by 0.49 percentage points, the loss area expanded by 3.80 percentage points, and the total loss increased by 7.60%, as shown in Table 3.

From January to November, the economic indicators of printing and dyeing enterprises above the designated scale showed an overall improvement trend. However, due to the actual pressure of raw material price fluctuation and high freight price, the profitability of the industry is still at a low level, the total profit is still significantly lower than that in the same period in 2019, and the loss amount of loss enterprises continues to show a growth trend, The steady recovery of the industry needs to be further consolidated.

Table 3 main operation benefit indexes of printing and dyeing enterprises above designated scale from January to November 2021

At present, the international environment is becoming more complex and severe, the world economic recovery is slowing down, the inflation pressure is rising and the epidemic situation is intertwined, and the printing and dyeing industry economy is facing certain pressure to maintain stable operation. With the determination of the general tone of the national economic work of "taking the lead in stability and seeking progress in stability", the national macro-control policy will be solidly promoted, the efforts to ensure supply and price stability and help enterprises to relieve financial difficulties will be further strengthened, the prices of main raw materials are expected to gradually return to normal, the linkage of industrial chain supply chain will be further strengthened, and the printing and dyeing industry is expected to resume normal operation as soon as possible.

Note: the two-year average growth rate refers to the growth rate calculated by geometric average method based on the corresponding amount of the same period in 2019.

(source: China printing and dyeing industry association)