China factory activity grows gradually recovering recently also has a positive impact on the market of seamless garment
China manufacturing activity grew at its fastest pace in four months in October as new orders picked up and damaging power shortages began to ease, but input costs remained high and export orders fell further.
The Caixin /Markit manufacturing purchasing managers index rose to 50.6 in October, the highest level since June. Economists polled by Reuters had expected the index to remain unchanged from September 50.0. 50 is the dividing line between monthly growth and contraction.
The relatively strong Caixin PMI contrasted with the official survey released on Sunday. China manufacturing sector shrank for the second month in a row, according to an official survey.
Analysts attributed the discrepancy to different samples and survey periods. But even the more upbeat Caixin survey showed the output sub-index contracting for a third consecutive month, at a faster pace than in September. Caixin survey focused on small businesses in coastal areas.
New export orders fell for a third consecutive month, in contrast to the new orders sub-index, which rose to 51.4 from 50.8 in September.
"Caixin PMI successfully reflected a partial return to the normal power supply in October," said Lu Ting, chief China economist at Nomura. However, he added that the PMI failed to reflect the large power outages in September.
"As the official and Caixin PMI performances are not perfect, we need to be cautious in interpreting them."
This year, China vast manufacturing sector has been tested by COVID-19, rising costs, production bottlenecks and, most recently, power rationing.
Power shortages -- caused by coal shortages, stricter emissions standards and strong industrial demand -- have led to widespread curbs on electricity consumption, hurting factory output
But with heavy intervention by the Chinese government, things began to improve in October.
Still, input prices rose at their fastest pace since December 2016, partly on the back of higher energy and transport costs, while fee price inflation accelerated to its highest level since May, adding to fears of stagflation.
To help struggling manufacturers, The State Council, China cabinet, said on Wednesday that the government would defer some taxes on manufacturers for three months starting in November.
Wang Zhe, a senior economist at Caixin Intelligence Institute, warned that the COVID-19 outbreak in many central and western regions since late October could deal a fresh blow to economic activity.
"It is essential to strike a balance between the goal of containing the epidemic and maintaining normal economic activity," he said.
Industry overview of the seamless garment
Compared with woven clothing, knitted clothing has the characteristics of relaxed and comfortable, free movement, soft and close-fitting, and no sense of bondage, accounting for nearly 2/3 of the daily clothing consumption. The traditional knitting process requires the stitching of the knitted piece, but the thickness and seam mark of the stitching will affect the comfort and aesthetics of the knitted garment, especially the tight and corset knitted garment. In order to solve the discomfort and appearance destruction caused by the seamless garment suture process for tight-fitting and corset knitted garments (main underwear at that time), seamless knitting was born.
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Seamless knitting, also known as "three-dimensional one-time molding knitting technology", its production process is based on the digital model of human body curve database and human physiological function requirements, relying on computer-aided design tools to complete style design, using industrial intelligent digital control technology, The yarn with "three-dimensional, one-piece" modeling structure directly from the industrial knitting machine into a seamless garment clothing products, is a digital intelligent modern clothing production technology. In short, seamless knitting technology is the use of special seamless knitting equipment, the use of computer digital simulation function, in the form of three-dimensional production of one-time molding clothing, neck, waist, hip and other curves without suture, can be directly completed from yarn to clothing.
The market trend of the seamless garment
With the continuous improvement of people living standards, people demand for underwear gradually increases, and so does the demand for seamless garment. With the hot selling of seamless underwear products, the comprehensive and rapid development of seamless garment will be driven.
Seamless underwear is a cylindrical product woven directly from the seamless underwear knitting machine. It is one-time molding underwear for the neck, waist and hip without seams. Compared with traditional knitted clothing, seamless underwear is no longer bound by the elasticity of knitwear caused by stitching, so it has higher comfort and fit. Different from traditional underwear, the pattern and style of seamless underwear are completed on the equipment at one time through the process design, with a rich variation. The pattern and style of the new can faster cope with the current rapidly changing market, and quickly attract the attention of consumers from the appearance. At present, seamless garment seamless underwear accounts for about 11% of the global underwear market.
In terms of industry pattern, seamless underwear is similar to FMCG textiles such as cotton socks. China is currently the world largest exporter, with relatively mature production technology and a complete industrial chain, accounting for more than 60% of the world output, mainly in the middle and low-end capacity. Turkey, Vietnam, Sri Lanka, Italy and other countries also have production capacity. With the rising labor costs of seamless garment, some seamless underwear manufacturers began to shift their production capacity to Vietnam and Indonesia.
The market price of seamless garment
China seamless underwear exports account for about 70% of the world total, taking an absolute leading position. The main market of China seamless garment exports is the United States (34%), followed by Japan (9%) and The United Kingdom (7%). In the first half of 2020, the export scale of China seamless underwear decreased by more than 30% year-on-year, mainly because the seamless apparel business is mainly concentrated in the European and American markets. In the first half of the year, Europe and the United States became the hardest hit area of the NOVEL coronavirus epidemic, and the end consumption of seamless garment seamless apparel had a great impact, leading to a decrease in the number of orders of Chinese enterprises. In addition, the seamless underwear itself is highly related to sports scenes, and the demand for relevant products declines as consumers reduce outdoor activities due to the impact of the epidemic.
It can be seen that seamless garment is still a "fresh" product in the eyes of most consumers in China, and the seamless underwear market has not really formed. In the future, with the continuous improvement of national living standards, people demand for sports underwear, body underwear and the seamless garment will gradually increase and people will have a better understanding of their functions and characteristics. Once most consumers fully accept seamless underwear products, a huge market space will be revealed, and the price of the seamless garment will also fluctuate greatly.
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