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Textile garment industry in April 2013 Monthly Report: inside outside the cotton spreads continued to narrow, leading cotton textile good
2013-04-09 
Textile and garment industry in April 2013 Monthly Report: inside and outside the cotton spreads continued to narrow, leading cotton textile industry there is some good news in March slightly outperform. In March, textile manufacturing and textile apparel fell 0.5% and 4.93%, respectively. Sub-sectors, dyeing and cotton bucking the trend, rose by 9.62% and 0.38%, respectively; worst performance of home textiles, down 13.68%.
    The cost side: inside and outside the cotton spreads continued to narrow narrowed. International cotton prices Cotlook A (FE) the average price of 94.45 cents / lb, off 1% duty offer 15,124 yuan / ton, lower than the same period China Cotton 328 Index 4231 yuan / ton, the spread fell last month to 695 yuan / ton, a decline was 14.1%. Spreads shrink by nearly 30% compared to the beginning of the year. March the main varieties downward trend, yarn, fabric prices of basic definitely but traded more light.
    Demand side: 1 - February, textile and garment export growth continued to rebound sharply, the export situation is significantly better than expected. According to the General Administration of Customs released data show that in January-February 2013, China's textile and apparel exports increased by 31.8%. Among them, textile exports increased by 26.3% year-on-year growth of 35.3%; exports of clothing and accessories. Exports better than expected, we believe that the main reason is because: (1) low base last year. (2) the United States and Europe on the consumer confidence index continued to rise, retail sales improved. (3) exports to the U.S., Europe and Japan rebounded. Domestic demand: retail sales growth slowed down significantly; prices rose, the volume of retail sales increased. According to the National Bureau of Statistics, January-February, retail sales of clothing and shoes cumulative value year-on-year increase of 9.4%, the growth rate slower than the cumulative value of total retail sales of social consumer goods for the same period a year-on-year growth rate of 2.9 percentage points over the same period last year, the growth rate down 3.4 percentage points. According to the statistics of the China National Commercial Information Center, January 1-2, 2013, the 100 national key large-scale retail enterprises clothing retail sales increased by 5.0%, 1.1 percentage points higher than the growth rate slowed down in 2012. Prices rose significantly down, the volume of retail sales increased.
    Textile manufacturing: maintaining a neutral rating. January-February export growth picked up substantially exceed market expectations. March inside and outside the cotton spreads continued to narrow. We expect short-term internal and external cotton prices are still upward momentum within the cotton price downward pressure inside and outside the cotton price will be narrowed further. These two factors, the cotton textile industry as the main raw cotton have some positive, you can focus Lutai A, Huafu color spinning Blum Oriental valuation recovery opportunities, but to control the risk, because we believe that the entire textile manufacturing The industry sector is still the lack of opportunities for trend. Industry rating remained neutral.
    The textile apparel industry: maintaining a neutral rating. In March, the First Lady concept stock speculation, the textile apparel stocks short-term good performance. Speculation, high-end custom high hopes. However, we believe that the status quo because of the people's spending habits, and the garment industry, the high-end custom development is still a long way to go. Therefore, this is difficult to continue the concept of speculation. The current the terminal needs warming trend is still obvious, the industry is still in the throes of de-stocking process. We expect that the results for the first quarter of 2013, growth is likely to lower. Due to the low base effect in 2012, we expect the second half of the year will be better than the first half of the year. We think that the industry is still not a good time to invest callback still under pressure. Recent industry also the lack of a catalyst, thus maintaining a neutral rating.
 
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