A Brief Analysis of the Economic Operation of Shanghai Textile and Garment Industry in the First Half of 2010

In the first half of 2010, Shanghai's textile and garment industry witnessed a notable resurgence in economic growth. This revival was fueled by several key factors, including an expanded export market for regional textiles, improved domestic demand in certain areas, and a renewed focus on quality within the local textile sector. By the end of June 2010, over 2,000 textile enterprises were operating normally in Shanghai, representing an increase of 76 from the previous year. However, the number of employees in the industry dropped by 5.1% year-on-year to 300,000. Specifically, 1,099 enterprises were engaged in textile and clothing production, while 39 added back to consumer enterprises, with the total workforce at the end of June standing at 186,000, down 5.4% compared to the same period last year. Consumption and sales figures also showed positive trends. The total industrial consumption value for Shanghai’s textile industry reached 38.63 billion yuan in the first half of 2010, marking a 7.8% increase year-on-year. Of this, the textile and garment manufacturing segment contributed 20.86 billion yuan, up 2.7% from the previous year. The garment industry alone accounted for 54% of the total textile industry value. Looking at quarterly performance, the second quarter saw even stronger results, with industrial consumption reaching 20.59 billion yuan, up 14.1% from the previous quarter and 11% year-on-year. The textile and garment manufacturing sector recorded 10.73 billion yuan in consumption, rising 5.8% sequentially and 6.6% annually. When adjusted for comparable value, the total industrial consumption for the first half of 2010 reached 40.0 billion yuan, a 6.6% increase year-on-year. The textile and apparel production industry achieved 20.67 billion yuan, up 1.7% from the previous year. In terms of production value, the industry reported 20.21 billion yuan in the first half of 2010, a 10.6% increase from the previous period and 13.3% year-on-year. The production and sales ratio stood at 99.6%, up 1.8% year-on-year, with the textile and apparel industry achieving a ratio of 99.9%, up 3.4% from the previous year. The textile and garment making industry remained the leading segment in Shanghai’s textile sector, followed by textile and knitwear production. Home textiles also performed well, with total industrial consumption reaching 6.87 billion yuan, a 19.7% increase year-on-year. Although they accounted for 18.7% of the total textile industry value, their production and sales ratio declined slightly to 97.7%. Looking at the global economic context, the European debt crisis cast a shadow over global recovery, and the U.S. economy remained uncertain. Emerging economies began withdrawing stimulus measures to avoid overheating, creating a more complex recovery environment. Despite these challenges, China’s export trade started to show signs of recovery, though the situation remained challenging. Shanghai’s textile industry achieved an export delivery value of 10.8 billion yuan in the first half of 2010, up 0.7% year-on-year, with an export rate of 28.1%, down 8.3% from the previous year. The textile and garment industry exported 6.82 billion yuan, up 2.7% from the same period last year, accounting for 63.1% of the textile industry’s total exports. In the second quarter, the industry’s export value rose to 5.95 billion yuan, up 22.7% from the previous quarter and 9.8% year-on-year. The textile and garment manufacturing sector exported 3.71 billion yuan, up 19.4% from the previous quarter and 13.5% year-on-year. While Japan and Europe remained major markets, overall export growth remained modest. From July 2008 to June 2010, the export delivery value of enterprises above the scale in Shanghai showed a clear recovery trend, driven by the "Expo economy" and its market linkage effects. The main business expenses of enterprises in the textile industry reached 39.24 billion yuan in the first half of 2010, up 16.3% year-on-year. The second quarter saw 20.45 billion yuan in expenses, a rise of 8.9% from the previous quarter and 20% year-on-year. The textile and garment production industry recorded 20.84 billion yuan in main business expenses, up 12% year-on-year, with the second quarter showing 10.36 billion yuan, a 1.2% decrease from the previous quarter but a 16.9% increase year-on-year. Despite the overall improvement, the industry still faces challenges. Raw material prices have been volatile, increasing uncertainty. The influx of international brands has intensified competition, particularly in the luxury segment, pushing domestic manufacturers to invest more in technology and design innovation. The asset-liability ratio for enterprises above the scale in the textile industry rose to 51.2% as of June 2010, up 0.4% from the previous year. Total assets reached 81.58 billion yuan, up 15.8% year-on-year, while liabilities increased to 41.75 billion yuan, up 16.8%. For the textile and garment manufacturing segment, total assets were 40.68 billion yuan, up 9.9% year-on-year, with liabilities rising to 22.15 billion yuan, up 28%. The debt-to-equity ratio for this segment reached 54.4%, up 1.9% year-on-year. Most new deposits were used to support finished goods, circulation, and accounts receivable, indicating ongoing liquidity pressures. Profitability also improved. The total asset profit margin for enterprises above the scale in the textile industry was 2.65% in the first half of 2010, up 66.8% year-on-year. The second-quarter margin was 1.46%, up 16.5% from the previous quarter and 83.6% year-on-year. For the textile and garment manufacturing industry, the total asset profit margin was 3.3%, up 30.1% year-on-year, although it dropped 13.8% month-on-month and 78.7% year-on-year. This highlights the continued importance of the sector in generating profits. Overall, the first half of 2010 brought a revitalization to Shanghai’s textile industry, contributing to a vibrant urban fashion culture. However, the industry also faced structural challenges and needed to adapt to evolving market conditions. Looking ahead, the second half of 2010 is expected to see continued recovery, with a focus on industrial restructuring. It is estimated that the total industrial consumption of Shanghai’s textile industry will reach around 82 billion yuan in 2010, with the textile and garment production industry contributing approximately 46 billion yuan and total profits reaching about 14.5 billion yuan.

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