Fixed asset investment in China’s garment industry shows rapid and steady growth
The China Garment Association announced on the 15th the economic performance situation of China’s garment industry from January to September 2022: In the first three quarters, China’s garment industry’s fixed asset investment showed rapid growth Stable growth trend, with the growth rate maintained above 30%. From January to September, the fixed asset investment completion of China’s garment industry increased by 30.8% year-on-year, and the growth rate was 27.7 percentage points higher than the same period in 2021, which was 24.5 percentage points and 20.7 percentage points higher than the overall level of the textile industry and manufacturing industry.
The China Garment Association stated that in the first three quarters of 2022, faced with complex and severe domestic and international situations and the impact of multiple unexpected factors, China’s garment industry moved forward under pressure, demonstrating strong development resilience and risk resistance.
In the first three quarters, due to factors such as the frequent spread of the epidemic and insufficient domestic and foreign market demand, the production growth rate of China’s garment industry has slowed down. From January to September, the industrial added value of enterprises above designated size in China’s garment industry increased by 2.0% year-on-year, with the growth rate slowing down by 2.4 percentage points from the first half of the year and 7.2 percentage points from the same period in 2021.
Since 2022, China’s domestic clothing market has declined significantly due to the spread of the epidemic in many places in China. Since June, thanks to the efficient coordination of epidemic prevention and control and economic and social development by governments at all levels, as well as the effective implementation of consumption-promoting policies, domestic sales of clothing have shown an improvement and recovery trend, and the decline has continued to narrow. From January to September, the retail sales of clothing products by units above designated size in China totaled 656.21 billion yuan, a year-on-year decrease of 5.0%, and the decline was 3.0 percentage points narrower than the first half of the year. Online clothing retail sales maintained steady growth. From January to September, online retail sales of clothing products increased by 4.7% year-on-year, and the growth rate was 2.3 percentage points faster than the first half of the year. As consumption scenarios and consumption experiences continue to expand and improve, physical store operations continue to improve.
Analysis by the China National Garment Association believes that looking forward to the fourth quarter, the external environment will become more complex and severe, and industry development will still face greater challenges. However, as China efficiently coordinates epidemic prevention and control and economic and social development, the economic stabilization package of policies and subsequent measures will have an effect. With continued release, industry operations are expected to maintain overall stability.
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