Jiangsu Textile Machinery Industry Post a Drop in Profit in First Five Months (China)

A survey on 40 backbone textile machinery and equipment manufacturers recently conducted by Jiangsu Textile Machinery Industry Association shows that the textile machinery industry in this province realized a gross industrial output of CNY 4.89 billion and a sales revenue of CNY 4.74 billion in the first five months of this year, both registered a 4% growth compared with the same period of last year. It also generated a total profit of CNY 305.2 million, down 10% year-on-year. As a major textile machinery producer in China, the situation of the textile machinery industry in Jiangsu Province reflects the downward trend of the entire textile machinery industry in China.

In January-May period, the industrial output of textile machinery amounted to CNY 2.06 billion, and that of accessories CNY 670.6 million, down respectively 17% and 7% year-on-year; the sales revenue of textile machinery and that of accessories stood respectively CNY 1.99 billion and CNY 653.4 million, down 17% and 4%; the shipment for export is worth of CNY 362.9 million, up 17% year-on-year, the production of textile machinery and accessories totaled 16,126 sets, down 33% compared with same period of last year, in which, the production of textile machinery dropped sharply by 71%, that of accessories dropped by 13% year-on-year. 9 out of the 40 investigated enterprises operated in deficit, showing dramatic growth in terms of both enterprise number and loss value compared with same period of last year. Meanwhile, both per capita profit and average employment dropped moderately.