In the first quarter of 2024, global economic growth continued to slow down amidst various risks and uncertainties, displaying a complex and volatile pattern. The domestic economy showed a stable and improving trend due to the combined efforts of macroeconomic policies. The technical textiles sector in China has displayed a positive growth trend, showing a steady recovery. The industry’s added value has been gaining momentum, with key economic indicators rebounding positively and exports showing signs of improvement.

According to the National Bureau of Statistics, the production of nonwoven enterprises above the designated size increased by 9.7% year-on-year in the first quarters of this year. Automobile production and sales are booming, leading to a 17% year-on-year increase in the output of cord fabric used in tires, sustaining double-digit growth.

As for economic efficiency, technical textile enterprises above the designated size saw an increase of 3.9% in operating income and a growth of 14.6% in total profits from January to March. The industry's profitability has improved significantly.

Table 1: Growth Rate of Major Economic Indicators of China’s Technical Textile Industry in Q1, 2024 

(Above Designated Size)

Source: National Bureau of Statistics

Table 2: The Exports of Main Products in China’s Technical Textile Industry in Q1, 2024

Source: China Customs

China’s technical textile industry is expected to sustain a stable recovery in its operations in the second quarter of 2024. Both production and sales within the industry are projected to maintain a reasonable growth range, while exports are anticipated to grow at a low to medium speed.

Source: CHINA TEXTILE LEADER Express