China’s knitting industry exports accounted for more than one-third of China’s textile and garment exports during 2013 and 2014. In 2015, exports showed a 8.33 per cent growth over 2011. While knitted garment exports achieved a 3.14 per cent growth, knitted fabric exports grew at 36.74 per cent. Europe, the US and Japan remained the top three markets for Chinese knitted goods exports in 2011-15 with shares of 17.36 per cent, 11.88 per cent and 9.53 per cent.
During 2011 to 2015, the Chinese knitting industry developed steadily, backed by globalisation and technological progress. In 2015, there were 5,739 knitting enterprises. The operating revenue of these enterprises registered a growth of 24.42 per cent over 2011, growing annually at a compound rate of 5.61 per cent. The total profit of these enterprises was up 38.25 per cent over 2011.
China’s domestic market also played an important role in the development of the knitting industry during the five-year period, with 72.62 per cent production of large-scale enterprises sold in the domestic market in 2015, compared to 64.48 per cent in 2011.
The 10-nation Asean region has become an important market for China’s knitting industry. In 2015, export of knitted fabric to the Asean region was up 84.69 per cent over 2011, growing annually at an average rate of 16.58 per cent and accounting for 33.08 per cent of the total export of knitted fabrics from China.