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Market Weekly Report | Extreme weather frequently occurs, raw wool shipments are shrinking; the peak season arrives in time, and the export of down products rebounds in a single month

2024-06-30 来源：金绒浏览量：1124

Summary

The market conditions in the 26th week of 2024 (June 24-June 30) were generally stable.

During this year's "618" shopping festival, sales growth in the apparel category remained strong. For example, Bosideng not only took the top spot in the down jacket category on Douyin e-commerce, but also achieved a year-on-year growth of 87%. However, on one side of the apparel industry, the sales of leading brands are far ahead of others, while on the other side, small businesses are trapped in high return rates and involuted price wars.

Extreme weather has occurred frequently recently, with high temperatures in the north and severe floods in the south. As a result, the shipment volume of raw wool has shrunk, the down point of raw wool has continued to decline, and the difficulty and loss of down separation in down factories have also increased. Overall, the down market is still strong, but downstream brands can hardly bear the cost, and the market orders have decreased significantly.

According to the data from the National Bureau of Statistics, from January to May, the profits of industrial enterprises above designated size increased by 3.4% year-on-year, continuing the growth trend since the beginning of the year, and nearly 80% of the industries achieved profit growth. The profits of "leather, fur, feather and its products and footwear industry" increased by 6.8% year-on-year, but the growth rate slowed down significantly.

Good News This Week

Export statistics of down bedding in May: a strong rebound

Duvet：

From January to May 2024, a total of 5,363 tons (2.33 million pieces) of duvet were exported, an increase of 1% over the same period last year; the export value was 516 million yuan, a decrease of 4% over the same period last year.

In May 2024, 1,155 tons (520,000 pieces) of duvet were exported, a year-on-year increase of 1%; the export value was RMB 119 million, a year-on-year increase of 9%.

In May 2024, the United States continued to be our country's largest trading partner for duvet exports, accounting for 28% of the total exports this month (previous value 37%), a significant drop in share. Among them, the export volume was 326 tons (110,000 pieces), a decrease of 23% year-on-year; the export value was 36 million yuan, a decrease of 15% year-on-year.

Germany was the second largest trading partner for the month, accounting for 11.3% of total exports; followed by Australia with 11%, and the United Kingdom and Japan each with 9%.

Other down bedding:

According to Chinese customs data, a total of 13,745 tons of "other down bedding" were exported from January to May 2024, a decrease of 4% year-on-year; the export value was 524 million yuan, a decrease of 13% from last year.

In May 2024, 3,184 tons of "other down bedding" were exported, a year-on-year increase of 13%; the export value was RMB 122 million, a year-on-year increase of 13%.

In May 2024, the United States is still the largest trading partner for our country's "other down bedding" exports, accounting for 48% of the total exports this month (previous value 50%), a slight decrease in share. Among them, the export volume is 1,523 tons, an increase of 1% over last year; the export value is 52 million yuan, an increase of 4% over last year.

The United Kingdom was the second largest trading partner for the month, accounting for 11% of total exports; followed by Canada with 7%, Australia, Japan, Germany and Denmark with 5%, 4%, 3% and 2% respectively.

Down bedding (duvet + other bedding)

From January to May 2024, our country exported a total of 19,107 tons of "down bedding", a decrease of 2% year-on-year; the export value was 1.04 billion yuan, a decrease of 9% year-on-year.

Compared with the same period last year, the export of down bedding in January-May this year is still in negative growth, but compared with the same period last year, it has been increasing steadily in the past four months, showing signs of recovery in the industry. In particular, other down bedding showed a strong recovery in May.

source | 金绒整理自海关数据

Heilongjiang Province held an "Investment Feast" for the first time with the theme of down industry development

On the morning of June 24, as one of the series of activities of the 6th Heilongjiang Tourism Industry Development Conference, the Heilongjiang Down Industry Investment Promotion and Cooperation Fair with the theme of "China's Crane City, Down Shining in the Nine Provinces" was held at Qiqihar Hemei Hotel. This is the first "investment feast" in Heilongjiang Province with the development of the down industry as the theme.

It is understood that this meeting arranged three important activities including business cooperation negotiations, a new down clothing launch show and a down industry visit and inspection, aiming to fully demonstrate the unique advantages and development potential of the down industry in Qiqihar City and Heilongjiang Province.

Among them, the business cooperation negotiation provided a platform for direct communication between participating enterprises and local governments and relevant departments. Through a series of in-depth discussions and exchanges, the participating parties reached a number of cooperation intentions on how to better utilize the resource advantages of Qiqihar and extend the down industry chain.

These activities not only attracted representatives from many well-known companies at home and abroad, but also gathered experts and scholars in the field of down industry. Lu Xiangyu, Deputy Director of the Department of Commerce of Heilongjiang Province, Fu Guangwei, Chairman of the China Textile Engineering Society, Liu Jimin, Chairman of Jiangxi Down Industry Association and Chairman of Xueya Ya Group, and Yao Xiaoman, Vice Chairman of the International Down and Feather Bureau, delivered speeches respectively.

At the meeting, 10 companies settled in Qiqihar Down Town signed investment agreements on the spot. These collaborations are expected to bring more employment opportunities and economic growth points to Qiqihar, and will also enhance the overall level and competitiveness of Qiqihar's down industry.

Qiqihar is a major goose production and sales city, with an average annual output of 13 million commercial geese, which can produce 600 tons of high-quality goose down. In the future, the city will actively promote the construction of a high-end down town in northern China with local characteristics, create a demonstration model of the core production and processing area in the northeast, and provide a Qiqihar solution for the development of China's down industry.

source | 凤凰网黑龙江

Bosideng's 23/24 annual performance once again exceeded expectations

Recently, Bosideng disclosed its 23/24 fiscal year results. As of March 31, 2024, the company achieved revenue of 23.21 billion yuan, a year-on-year increase of 38.4%; net profit was 3.12 billion yuan, a year-on-year increase of 44.7%. The group's revenue and net profit have set historical records for the same period for many consecutive years.

It is worth mentioning that the group's operating profit growth rate was once again faster than the revenue growth rate, operating efficiency was significantly improved, operating profit margin increased to 18.9%, and performance once again exceeded expectations.

In terms of main business, Bosideng's core business has made great strides, with brand down business revenue of 19.52 billion yuan, a year-on-year increase of 43.8%; OEM processing management business continued to maintain stable and healthy development, with revenue of 2.67 billion yuan, a year-on-year increase of 16.4%, both of which set historical records.

The inventory turnover days have been steadily declining. As of March 31, 2024, the inventory turnover days of Bosideng Group were 115 days, a decrease of 29 days from the same period last year, demonstrating that Bosideng has provided a more flexible foundation and space for the ongoing implementation of small-order quick returns, pull-type replenishment, and omni-channel integrated operation mechanisms.

source | 格隆汇

The textile market is not slow in the off-season, and autumn and winter fabrics begin to emerge

It is late June, the traditional off-season for the textile industry. According to market research, some fabric companies received relatively few orders in June, which may be related to the decline in international market demand, while most of the orders in the first half of the year came from foreign trade.

At present, some orders for summer fabrics have been placed, and early autumn fabrics have also started to be produced. High-density fabrics have increased compared with the previous period, especially nylon high-density fabrics. In addition, T400, T800 and other autumn and winter thick fabrics have also begun to emerge.

As for dyeing factories, the recent operation has slightly decreased, and the number of orders has also been mediocre, showing the overall weak market demand. In foreign trade, there has been a slight increase in autumn and winter samples for brands and supermarkets, but there is no sign of large orders; in domestic trade, online sales and e-commerce clothing sales are still good.

Although the textile market is a little weak now, the off-season characteristics are not prominent. The market is full of inquiries and samples, and customers frequently ask for prices and samples. Trader Mr. Wang said that the company's four-way stretch and nylon spunlace are relatively hot-selling, and they will actively launch a number of new products every quarter to meet the market's growing demand for high-performance outdoor equipment.

source | 布工厂

Bad News This Week

Down clothing import and export statistics (May) - still at a low point

In May 2024, our country exported a total of 2.096 million down jackets, a month-on-month increase of 145% from April this year; the export value was 427 million yuan, a month-on-month increase of 132% from April this year.

Down jacket export table in May 2024

商品名称	数量 (万件)	人民币 (亿元)	数量同比去年	金额同比去年
棉制男羽绒服	21.5	0.29	-81%	-80%
化纤制男羽绒服	72.5	1.61	-50%	-48%
棉制女羽绒服	2.0	0.04	-97%	-96%
化纤制女羽绒服	113.6	2.33	-50%	-46%

Export situation of men's down jackets in the past 14 months

Export situation of women's down jackets in the past 14 months

The data shows that the export of down jackets may be coming out of the off-season, but the export volume in May this year fell by 62% year-on-year, and it was even the lowest in all Mays in the past 10 years.

In addition, the export share of cotton down jackets this year is much lower than in previous years.

In terms of imports, in May 2024, a total of 161,000 down jackets were imported, an increase of 11% from the previous month; the import value was 332 million yuan, an increase of 74% from the previous month.

source | 金绒采编数据来自海关

Vietnamese garment manufacturers expect global textile demand to remain unchanged

According to data from the Vietnam Textile and Garment Group (Vinatex), Vietnam's textile exports reached approximately US$16 billion in the first five months of 2024, a year-on-year increase of 5%.

It is worth noting that Vietnam has surpassed China in textile exports to the US market and ranked first. In the first five months of 2024, China exported a total of US$66 billion in textiles, but its exports to the United States were only about US$6 billion.

Nevertheless, the Vietnam Textile and Garment Group believes that the growth in Vietnam's textile exports is not due to improved global consumer demand, but rather to the transfer of orders from other countries to Vietnam and the depreciation of the Vietnamese dong against the US dollar.

Currently, Vietnamese garment companies have orders scheduled until the third quarter of 2024, and are negotiating orders for the fourth quarter, the peak production season for Christmas and the Spring Festival. However, the unit price is still 20%-50% lower than in 2019. It is expected that textile demand in major markets will not improve in the second half of this year.

source | 中越plus

News Situation

This week's news has more positives than negatives.

In May 2024, our country's down bedding exports showed strong signs of recovery. Although the overall export volume from January to May was still slightly lower than the same period last year, the export performance in May was outstanding, especially the export volume and value of "other down bedding" increased by 13% year-on-year. The United States is still the main trading partner, but its share has declined.

Despite being in the traditional off-season, the textile market is still active. Orders for autumn and winter fabrics have begun to increase, especially high-density nylon fabrics and T400, T800 and other thicker autumn and winter fabrics have begun to attract market attention. In terms of foreign trade and domestic trade, autumn and winter samples for brands and supermarkets have increased, and e-commerce clothing sales have also performed well.

Vietnam has surpassed China in textile exports, especially to the US market. Although Vietnam's growth is partly attributed to order transfers and currency depreciation, it also reflects the intensification of competition in the global textile market. Our country's textile and down product companies need to work harder to improve product competitiveness and find new markets.

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