China’s technical textile industry maintained a positive development trend from January to April, with continuous growth in industrial value-added and improvements across key economic indicators and sub-fields. Export trade also experienced steady growth during this period.
Marking a return to double-digit growth since April 2021, production of nonwoven fabric grew by 10.3 per centY-o-Y during the period, as per data from the National Bureau of Statistics (NBS).This positive trend reflects rising demand across various applications.
Fueled by an increased consumer spending in automotive industry, production of cord fabrics used to make tires increased by 17 per cent surge. This growth aligns with the booming new energy vehicle market, which relies heavily on advanced technical textiles.
The industry is also experiencing positive momentum financially with operating income of the companies growing by 6.5 per cent and total profits by 27.9 per cent compared to the same period last year. The operating margin increased by 0.6 percentage points compared to the previous year, reaching 3.7 per cent.
Overall, the first half of 2024 paints a promising picture for China's technical textile industry. Continued growth and innovation in this sector are poised to solidify China's position as a global leader in advanced textile manufacturing.
