China's light industry on growth track in 2023

In 2023, the operating income of the country's light industry totalled Yuan 22.2 trillion, rising by 1.6% on year, according to the data. Moreover, its industrial added value also climbed by 1.4% from 2022.

Light industries are basically the production of consumer goods such as food, paper, household appliances, clothing, housing, transportation, entertainment, etc.

Among the 92 light industrial products that the National Bureau of Statistics collected, 55 products saw on-year gains in their output last year.

Also, the retail sales of 11 categories of goods in the light industry grew by 5.7% on year to reach Yuan 7.2 trillion in 2023, accounting for 15.3% of the country's total retail sales of consumer goods in the year.

With a series of pro-consumption policies paying off in 2023, the market for light industrial goods picked up. The rapid growth of green and smart manufacturing industries, represented by solar cells and household appliances, has become a new driving force for promoting the high-quality development of the light industry.

However, China's light industry still faces difficulties such as insufficient demand, declining exports, slowed investment and sector divergence, according to the council.

Last year, the exports value of the light industry fell by 3.9% on year to $894.5 billion, partly impacted by the contracted demand in overseas markets.

Written by Rong Zhang, zhangronga@mysteel.com

Edited by Alyssa Ren, rentingting@mysteel.com