Outlook for China's Textile Machinery Industry in Q2 2024

In the first quarter of 2024, the global economy continued to face pressure. Consumption growth in developed economies cooled, investment activity remained sluggish, and inflation generally fell. The US economy showed resilience, while the European economy remained weak, and Japan ended its negative interest rate policy by raising interest rates. The domestic economy showed a moderate recovery, with consumption, fixed asset investment, and import and export data exceeding expectations, strengthening the endogenous growth momentum.
Looking ahead to the second quarter of 2024, the global economic recovery process will be uneven and tortuous, with continued divergence between the US and European economies. Inflationary pressures in the US suggest that the timing of interest rate cuts may be delayed, meaning interest rates will remain higher for longer, further suppressing manufacturing demand. Geopolitical tensions and policy uncertainties are also unfavorable factors that could disrupt the economic recovery, potentially affecting food and energy prices. The domestic economy also faces unfavorable factors such as insufficient financing demand in the real economy, overcapacity in some industries leading to declining capacity utilization, and slow recovery in consumer spending. These factors have led to insufficient demand in the textile machinery industry, posing significant risks and challenges.
On the other hand, favorable factors for industry development are also apparent. In the first quarter, China's GDP grew by 5.3% year-on-year, with significantly improved momentum, steady consumption growth, and increased investment confidence among textile companies. Furthermore, there is further room for policy easing. Fiscal policy will be moderately strengthened, and monetary policy will remain flexible and appropriate. Supported by policies encouraging the replacement of old consumer goods with new ones, the potential for consumption growth is expected to continue to be unleashed. The positive effects of policies promoting equipment upgrades and high-tech investment in manufacturing will continue to be seen. Meanwhile, driven by new productivity, the pace of industrial transformation and upgrading is accelerating, which will also drive demand for advanced equipment.
In conclusion, the operating environment for the textile machinery industry remains complex and volatile. The sustainability of the recovery in overseas demand remains to be seen, and the domestic development foundation still needs to be strengthened. Under the general environment of promoting new industrialization, the textile machinery industry will continue to rely on technological innovation to achieve digital, intelligent, high-end, and green development. The deep integration of artificial intelligence technology and advanced manufacturing technology will form a new generation of intelligent manufacturing technology, which will open up broader prospects for product and equipment innovation. The textile machinery industry must seize development opportunities, promote high-quality development, and achieve industrial transformation and upgrading.

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From January to May 2024, five provinces in China accounted for over 70% of the country's textile and garment exports.

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China's textile and apparel exports increased year-on-year and month-on-month from January to May 2024

Leaders from Xiamen C&D Group visited Tongzhou for investigation and guidance

Leaders from Xiamen C&D Group visited Tongzhou for investigation and guidance

On March 3, Wang Yongqing, Vice President of Xiamen CNOOC Group, visited Tongzhou Group for investigation and guidance. Wei Gangmin, Chairman of our company; Huang Hongyu, President; Li Tao, Vice President; and Zhang Zhiyan, Director of the General Office, met with and participated in a symposium.

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Leaders from Xiamen C&D Group visited Tongzhou for investigation and guidance
Tongzhou Cotton Market Brief, Week 1 of March 2025

Tongzhou Cotton Market Brief, Week 1 of March 2025

1) This week's National People's Congress and the Chinese People's Political Consultative Conference (NPC & CPPCC) in China boosted market expectations for steady growth. In February, the Purchasing Managers' Index (PMI) for manufacturing stood at 50.2%, up 1.1 percentage points from the previous month, indicating a significant improvement in the manufacturing sector.

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Tongzhou Cotton Market Brief, Week 1 of March 2025
In 2024, China's exports of dyed and printed fabrics to Vietnam and Bangladesh increased significantly.

In 2024, China's exports of dyed and printed fabrics to Vietnam and Bangladesh increased significantly.

In 2024, China's dyeing industry saw rapid export growth to ASEAN and RCEP member countries, exceeding the overall export growth rate. However, this growth was accompanied by a decline in prices. From January to December, China's exports of eight major dyeing products to ASEAN totaled 7.908 billion meters, a year-on-year increase of 12.14%, 4.61 percentage points higher than the overall export growth rate, accounting for 23.58% of total exports. The average export price was US\$1.19 per meter, a year-on-year decrease of 2.75%, 0.64 percentage points lower than the overall decline. Exports to RCEP member countries totaled 8.431 billion meters, a year-on-year increase of 11.35%, 3.82 percentage points higher than the overall export growth rate. The average export price was US\$1.17 per meter, a year-on-year decrease of 2.79%, 0.60 percentage points lower than the overall decline.

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In 2024, China's exports of dyed and printed fabrics to Vietnam and Bangladesh increased significantly.
President Huang Hongyu was invited to attend the 2025 Zhangjiagang Cotton Industry Development Conference

President Huang Hongyu was invited to attend the 2025 Zhangjiagang Cotton Industry Development Conference

On February 28, Mr. Huang Hongyu, President of our company, was invited to attend the 2025 Zhangjiagang Cotton Industry Development Conference and, as a guest speaker at the "Xiangshan Roundtable," shared his views on the cotton market and trading opportunities.

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President Huang Hongyu was invited to attend the 2025 Zhangjiagang Cotton Industry Development Conference

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