The Printing and Dyeing Industry in 2024: Stable and Progressive Economic Operation with Record - High Export Scale

In 2024, the international environment was complex and intricate. The world economic growth momentum was weak, geopolitical conflicts intensified, and trade protectionism prevailed. Domestically, there was insufficient effective demand, the transformation of old and new growth drivers came with growing pains, and many enterprises faced numerous difficulties in production and operation. Facing the complex and severe situation of increasing external pressure and more internal difficulties, the economic operation of China's printing and dyeing industry was generally stable and progressive. The main economic indicators rebounded and improved. The annual output of printed and dyed fabrics achieved stable growth, the export scale reached a new high, the development quality and efficiency were restored at a faster pace, and market confidence and development expectations improved to some extent. At the same time, it should be noted that domestic consumption capacity and willingness were still insufficient, consumer demand needed to be further boosted, the adverse effects brought by the external environment deepened, and there were more uncertain and unstable factors in the printing and dyeing industry's exports. There were still many challenges in promoting the continuous recovery and improvement of the economy.

According to the data of the National Bureau of Statistics, from January to December 2024, the output of printed and dyed fabrics of enterprises above designated size in the printing and dyeing industry was 57.201 billion meters, a year - on - year increase of 3.28%. The growth rate was 0.34 percentage points higher than that in the first three quarters. In the fourth quarter, the production situation of the printing and dyeing industry gradually improved, and the output of printed and dyed fabrics increased month by month. The output of each month remained above 500 million meters. Among them, the output of printed and dyed fabrics in December reached 593.1 million meters, a year - on - year increase of 6.01%, the highest level since March. From the production side, affected by the implementation and effectiveness of a package of policies to expand domestic demand and increase production capacity recently, the warming of external demand, and the "rush to export" of foreign trade enterprises, the industry's production recovery accelerated significantly in December. From the demand side, since 2024, the domestic consumption of textiles and clothing in China has achieved moderate growth, supporting the production recovery of the printing and dyeing industry. However, the growth rates of various domestic sales indicators gradually slowed down, and the momentum of the recovery of terminal consumption was not yet stable. Throughout the year, the total retail sales of clothing, shoes, hats, and knitted and textile products of units above the designated size increased by 0.3% year - on - year, and the online retail sales of clothing products increased by 1.5% year - on - year. The growth rates were 12.6 and 9.3 percentage points lower than those of the previous year, respectively. Affected by the slow recovery of textile and clothing consumption, the growth rate of China's printed and dyed fabric output showed a trend of "fluctuating decline in the first half of the year and gradually stabilizing in the second half of the year."

Figure 1 Output and Growth Rate of Printed and Dyed Fabrics of Enterprises above Designated Size in the Printing and Dyeing Industry in 2024

According to the statistical data of China Customs, from January to December 2024, the export volume of eight major categories of printed and dyed products in China was 33.534 billion meters, a year - on - year increase of 7.53%. The growth rate was 5.09 percentage points higher than that in the first three quarters. The export value was 31.295 billion US dollars, a year - on - year increase of 3.88%. The growth rate was 3.89 percentage points higher than that in the first three quarters. The average export unit price was 0.93 US dollars per meter, a year - on - year decrease of 3.39%. The decline rate was 1.00 percentage point larger than that in the first three quarters. In the fourth quarter, with the arrival of important foreign holidays such as Thanksgiving and Christmas, the demand for replenishing inventory of overseas textile and clothing gradually increased, and the international market's demand for China's printed and dyed fabrics increased. At the same time, affected by the potential additional tariffs on Chinese export products imposed by the US government, China's textile and clothing enterprises actively adjusted their foreign trade rhythm. In the short term, the "rush to export" effect further pushed up the export growth rate of printed and dyed products.

Looking at the whole year, although the international market demand was weak and the global trade environment was highly risky, China's printing and dyeing industry still had significant competitiveness in the international market by virtue of its industrial chain advantages, scale advantages, technical advantages, talent advantages, and product advantages. The export scale of China's eight major categories of printed and dyed products exceeded 30 billion meters for the first time in 2023 and reached a new high in 2024. The industry's exports showed strong resilience. However, it is worth noting that the average export unit price of major printed and dyed products continued the downward trend since 2023 and dropped to the lowest level in nearly 15 years in 2024, reflecting that affected by the global economic situation, the international market demand recovered slowly, and the mismatch between supply and demand led to further intensification of industry export competition.

Figure 2 Export Situation of Eight Major Categories of Printed and Dyed Products in China in 2024

In 2024, the export scale of China's printing and dyeing industry to ASEAN and RCEP member states achieved rapid growth, and the growth rates were both higher than the overall export level, but there was also a situation of "increasing volume but decreasing price." From January to December, the export volume of eight major categories of printed and dyed products to ASEAN was 7.908 billion meters, a year - on - year increase of 12.14%, 4.61 percentage points higher than the total export volume growth rate, accounting for 23.58% of the total export volume. The average export unit price was 1.19 US dollars per meter, a year - on - year decrease of 2.75%, and the decline rate was 0.64 percentage points lower than the overall level. The export volume to RCEP member states was 8.431 billion meters, a year - on - year increase of 11.35%, 3.82 percentage points higher than the total export volume growth rate. The average export unit price was 1.17 US dollars per meter, a year - on - year decrease of 2.79%, and the decline rate was 0.60 percentage points lower than the overall level.

In 2024, the total export volume of China's printing and dyeing industry to the top ten countries in terms of export volume reached 14.475 billion meters, a year - on - year increase of 8.52%, accounting for 43.16% of the total export volume, with a relatively high export concentration. Among the top ten countries, only the export volume to Russia decreased slightly by 2.38%, and the exports to the other countries increased to varying degrees. Among them, the export volume to Cambodia increased significantly by 41.32% year - on - year, and Cambodia replaced Pakistan and entered the top ten export countries for the first time. The growth rates of export volume to Vietnam and Bangladesh exceeded 20%. The main reason was that as major clothing - demanding countries began to replenish inventory, these two countries, as important global textile and clothing exporters, had a significant increase in demand for China's printed and dyed fabrics. The export growth rates to Nigeria, Indonesia, Myanmar, and the Philippines were lower than the overall level. The export volume to Pakistan decreased significantly by 27.71% year - on - year, and Pakistan's export ranking dropped to 11th place. Myanmar was the only country among the top ten that achieved "both volume and price increase."

Table 1 Export Situation of Eight Major Categories of Printed and Dyed Products in China to the Top Ten Countries in 2024

According to the data of the National Bureau of Statistics, from January to December 2024, the three - expense ratio of enterprises above designated size in the printing and dyeing industry was 6.90%, a year - on - year decrease of 0.05 percentage points. Among them, the three - expense ratio of cotton printing and dyeing enterprises was 6.74%, and that of chemical fiber printing and dyeing enterprises was 7.72%. The turnover rate of finished products was 13.92 times a year, a year - on - year increase of 0.55%. The turnover rate of accounts receivable was 7.70 times a year, a year - on - year decrease of 3.89%. The total asset turnover rate was 0.99 times a year, a year - on - year increase of 2.47%. In 2024, most of the operation quality indicators of the printing and dyeing industry showed a trend of restoration and improvement. Enterprises achieved results in cost control, the connection between production and sales became smoother, and the asset utilization efficiency was improved. However, there were still problems such as low capital turnover efficiency and extended account collection periods, which affected the operation stability and production investment of enterprises to a certain extent.

In terms of operating benefits, since 2024, the growth rates of operating income and total profit of the printing and dyeing industry generally showed a monthly slow - down trend, but still achieved rapid growth throughout the year. The operating income and total profit reached the highest level since 2018. According to the data of the National Bureau of Statistics, from January to December 2024, the operating income of enterprises above designated size in the printing and dyeing industry was 322.387 billion yuan, a year - on - year increase of 6.27%. The total profit achieved was 17.754 billion yuan, a year - on - year increase of 29.03%. The cost - expense profit rate was 5.98%, a year - on - year increase of 1.09 percentage points. The sales profit rate was 5.51%, a year - on - year increase of 0.97 percentage points. Among 1,804 enterprises above designated size in the printing and dyeing industry, 540 were loss - making enterprises, with a loss - making face of 29.93%. The total loss of loss - making enterprises was 2.885 billion yuan, a year - on - year decrease of 14.91%. In 2024, the overall operating benefits of the printing and dyeing industry improved significantly. The annual growth rates of operating income and total profit were 2.31 and 21.49 percentage points higher than those of the textile industry, respectively, and the sales profit rate was 1.60 percentage points higher than that of the textile industry. However, the industry's loss - making face was still 9.10 percentage points higher than that of the textile industry, reflecting that the profitability of current printing and dyeing enterprises was further differentiated. The profitability of leading printing and dyeing enterprises continued to improve, while some small and medium - sized printing and dyeing enterprises still faced great profit - making pressure.

Figure 3 Growth Rates of Operating Income and Total Profit of Enterprises above Designated Size in the Printing and Dyeing Industry in 2024

Looking ahead to 2025, the global economic situation remains complex and changeable. Many uncertain factors pose challenges to the sustainability and balance of the recovery process. The International Monetary Fund (IMF) predicts that the global economy will still show strong resilience in 2025, and the growth rate is expected to remain at 3.2%. However, the increasingly intense trade tensions, the rising risks of trade protectionism, and the possible escalation of geopolitical conflicts will all have a profound impact on the global economy. At the same time, Western countries such as the United States and Europe are promoting "near - shore trade" and "friend - shore trade," and the global supply chain pattern will be adjusted at an accelerated pace. China's textile and printing and dyeing enterprises may face a series of problems such as reduced orders, lost customers, and rising costs. In addition, the additional tariffs imposed by the United States on China's textile products will further weaken the export competitiveness of China's textile and clothing, squeeze the profit margins of enterprises, accelerate the transfer of domestic printing and dyeing production capacity overseas, and have an adverse impact on the industrial security of China's textile industry. Domestically, problems such as insufficient consumer willingness of residents and sluggish consumption structure upgrading restrict the steady growth of the industry economy, and the foundation for the recovery of the domestic demand market still needs to be consolidated.

Although there are real pressures, positive factors are also continuously accumulating. The Central Economic Work Conference has identified "vigorously boosting consumption, improving investment efficiency, and comprehensively expanding domestic demand" as the top priority task to be carried out in 2025. The certainty of domestic policies will be the fundamental support for the stable operation of the industry. The government will effectively stimulate the vitality of the super - large - scale market through a "more proactive" fiscal policy and a "moderately loose" monetary policy, improve residents' expectations, and adjust the contradiction between supply and demand. The production and investment activities of enterprises are expected to continue to improve. It is predicted that the economy of the printing and dyeing industry will remain stable in 2025, and the main economic indicators are expected to continue the trend of recovery and improvement.