In 2024, the global economy recovered slowly amidst multiple challenges, with gradual decreased inflation and trade and investment recovering at a low level. Although factors such as persistent geopolitical tensions, intensified trade fragmentation, and shifts in the monetary policies of major economies have increased uncertainty, world economic growth has remained stable overall. China’s economy has been stable overall and progressing at a steady pace. Market confidence was boosted.

Despite the complexity of the external environment, China’s textile machinery industry maintains stable operations throughout the year. The main economic indicators showed higher growth rates than last year, but their growth rate gradually slowed. And the industry’s exports recovered, achieving positive growth throughout the year. Compared with the same period of the previous year, the sales of knitting machinery, weaving machinery, and printing and dyeing machinery were growing; spinning machinery had fallen back. Chemical fiber machinery sales show divergence, and nonwovens machinery sales have gradually recovered and remained stable.

I．Economic Operation

Industry revenue and profitability both grew in 2024. According to the National Bureau of Statistics, the total assets of textile machinery enterprises above designated size increased by 3.62% year-on-year, and operating income increased by 7.84% year-on-year, 8.31 percentage points higher than in 2023. Since the beginning of 2024, China’s textile machinery industry has demonstrated restorative growth against a stable, improving macro-economy. Although the growth rate of some indicators slowed down due to the weakening of the low-base effect, the industry still maintained a steady pace of development.

The textile machinery industry’s operating efficiency improved. Total profit grew by 9.36% year-on-year in 2024. Due to the base reason, the profit increase gradually narrowed. However, the industry’s average profit margin reached 7.48%, which was maintained above 7% for the whole year and has been at a higher level in recent years. The losses of deficit enterprises decreased by 25.55% year-on-year.

According to the National Bureau of Statistics, the total cost of the textile machinery enterprises above designated size increased by 7.16% year-on-year in 2024. The share of three overheads in the turnover of the textile machinery industry was 9.65%, which was 0.88 percentage points lower than the same period in 2023. Selling expenses rose 2.25% year-on-year, representing 3.57% of the total. Management expenses also grew by 2.25%, accounting for 5.65%. Financial expenses declined by 23.85%, making up 0.43% of the total.

The total assets of textile machinery enterprises above designated size increased by 3.62% year-on-year in 2024. Liabilities grew by 5.53% year-on-year, and the asset-liability ratio was 57.91%, expanding by 1.27 percentage points compared with 2023. This ratio was higher than that of industrial enterprises above designated size (57.5%).

Accounts receivable and finished goods inventory of the industry faced greater pressure. According to the National Bureau of Statistics, the accounts receivable of textile machinery enterprises above designated size surged by 17.91% year-on-year in the last year. The inventory of finished goods of textile machinery enterprises above the designated size ballooned by 18.69% year-on-year.

II．Foreign Trade

According to the General Administration of Customs, China’s foreign trade in textile machinery totaled US$7.03 billion in 2024, declining by 6.31% year-on-year. The exports totaled US$4.69 billion, up by 3.31% year-on-year, while the imports stood at US$2.34 billion, declining 21.04% year-on-year.

1. Import

China imported US$2.34 billion worth of textile machinery from 67 countries and regions, declining 21.04% year-on-year, slightly narrower than the first three quarters.

By product category, auxiliary equipment and spare parts ranked first, with imports amounting to US$695 million, down by 0.05% year-on-year and accounting for 29.72% of the total. Among the seven major categories, spinning machinery and weaving machinery maintained growth, while the other five categories all saw a decline in varying degrees. Chemical fiber machinery dropped the most, affected by the slowdown in downstream capacity growth.

Last year, Japan, Germany, Italy, France, and Switzerland were the top five countries and regions exporting textile machinery to China. Their trade volume totaled US$1.90 billion, plummeting by 23.61% year-on-year. These countries accounted for 81.08% of the total imports. Japan continues to hold the top position among exporters, but its amount declined year-on-year. France’s exports increased by 20.62% year-on-year, mainly due to the sharp rise in auxiliary equipment, spare parts, printing, dyeing, and finishing machinery. France is the only one of the top five countries in terms of export amounts that has increased year-on-year.

2. Export

China exported about US$4.69 billion of textile machinery to 202 countries and regions in 2024, up 3.31% from the previous year. Since October, the export value has continued to grow year-on-year and at an increasing rate.

Knitting machinery exports have secured the leading position of all the seven categories of textile machinery, accounting for 30.93% of the total export value at US$1.45 billion, up by 21.31% year-on-year. Among the seven categories of textile machinery, the decline in spinning machinery is more obvious, while knitting machinery, printing, dyeing and finishing machinery, and nonwovens machinery exports achieve growth.

As for the major export destinations, last year, China’s textile machinery exports to India, Vietnam, Bangladesh, Türkiye, and Pakistan accounted for 56.56% of the total exports, growing 9.70% year over year.

Source: CHINA TEXTILE LEADER Express