Economic performance of China's eyewear industry from January to June 2024

Since 2024, China's eyewear industry has fully implemented the decisions and deployments of the CPC Central Committee and the State Council, insisted on seeking progress while maintaining stability, continued to deepen transformation and upgrading, and strived to overcome the difficulties and challenges brought about by the complexity, severity and uncertainty of the external environment and the continuous deepening of domestic structural adjustments. From January to June, the overall economic operation of the eyewear industry has improved, and the main economic operation indicators have been stable and increased compared with the same period last year. Looking forward to the whole year, the development situation facing the eyewear industry is still complex and severe, and the industry still needs to continue to promote high-quality development and actively respond to risks.

NO.1 Eyewear production is stable and improving

From January to June, supported by factors such as the orderly and stable operation of the supply chain and the recovery of domestic and foreign market demand, the output of finished glasses of more than 500 large-scale eyewear enterprises in China achieved positive year-on-year growth, and the efficiency level continued to improve. The operating income increased by about 14% year-on-year, and the total profit increased by about 53% year-on-year, an increase of 8.6 and 39.1 percentage points respectively over the same period last year. The loss of large-scale eyewear manufacturing enterprises narrowed by 3 percentage points over the same period.

According to relevant data from the General Administration of Customs, the total import and export volume of my country's eyewear products from January to June was US$4.726 billion, up 5.92% year-on-year.

NO.2 Eyewear Products export situation

From January to June, the total export value of eyewear products was approximately US$3.941 billion, up 5.87% year-on-year.

 I.The export value in the first half of the year tended to be stable compared with the past, and the export value in January reached a record high.(Eyewear Products)

Except for February, which was greatly affected by the Spring Festival holiday, the growth rate in other months was stable. January achieved a good start this year, exceeding US$800 million for the first time.

Monthly export volume of eyewear products in the first half of 2021-2024

                                           （Unit：100 million USD）

II.Except for lenses and eyeglass parts, the export volume of other sub-products showed a year-on-year growth trend.(Eyewear Products)

Among them, the export volume of corneal contact lenses increased significantly.

In terms of the proportion of export value of each sub-product, the United States exports the most finished glasses and frames, India exports the most lenses, Italy exports the most eyeglass parts, and Vietnam exports the most contact lenses.

III.Export market situation(Eyewear Products)

In terms of exports to China's major trading partners, the largest proportion of exports went to the EU, followed by the US and then ASEAN. Among them, exports to ASEAN grew fastest year-on-year, at 21.78%.

Exports to countries along the Belt and Road Initiative amounted to approximately US$1.359 billion, up 5.33% year-on-year, with exports to Tajikistan, Laos and Bhutan growing at a faster rate of 236.60%, 165.15% and 157.84% respectively.

Exports to the RCEP region amounted to approximately US$828 million, up 15.40% year-on-year, with exports to Laos, Malaysia and Cambodia growing at a faster rate of 165.15%, 72.69% and 71.40% respectively.

NO.3 Eyewear Products import situation

From January to June, the total import value of eyewear products was US$786 million, up 6.19% year-on-year, with a decrease in February and June compared with the same period last year.

Monthly import value of eyewear products in the first half of 2021-2024

                                           （Unit：100M USD）

From the perspective of each sub-product, except for the decline in the export volume of frames and eyeglass parts, the import volume of finished glasses (including sunglasses), lenses and corneal contact lenses all increased compared with the same period, among which corneal contact lenses grew faster.

Finished frames:The import value of finished glasses was US$257 million, up 6.52% year-on-year, and the import volume was 7.5129 million pairs, up 8.76% year-on-year. Among them, the import value of sunglasses was US$239 million, up 5.96% year-on-year, and the import volume was 4.2817 million pairs, up 6.50% year-on-year.

Eyeglasses frames:The import value of frames was US$102 million, up 0.74% year-on-year, and the import volume was 4.7463 million pairs, down 8.77% year-on-year;

Lenses:The import value of lenses was US$165 million, down 0.95% year-on-year, and the import volume was 33.9463 million pieces, up 4.96% year-on-year;

Contact Lens:The import value of corneal contact lenses was US$236 million, up 15.53% year-on-year, and the import volume was 741.0272 million pieces, up 21.67% year-on-year;

Accessories/Components:The import value of eyeglass parts and accessories was US$24.5933 million, down 3.55% year-on-year, and the import volume was 94,900 kilograms, down 14.25% year-on-year.

Outlook for Q3&Q4

Since the beginning of this year, Chinese residents' income and consumer confidence have gradually stabilized, and consumer hotspots such as "wide concept of  health" and "national tide" have remained active. The effects of the country's consumption promotion policies have been positively manifested, driving the eyewear industry to continue its steady growth. In the second half of the year, the development of the eyewear industry is still complicated and there are many uncertainties, especially the lack of effective demand in the short term. There is a certain pressure for the wholesale and retail industry of eyewear to maintain a steady upward trend. In terms of foreign trade, China's eyewear exports are still facing risks and challenges brought about by uncertain factors such as intensified geopolitical risks and increased trade barriers. However, with the implementation of a series of macroeconomic control policies by the country, China's eyewear industry is expected to continue its steady recovery in the second half of the year. According to the China Macroeconomic Forum (CMF), exports will increase by 3.1% and imports will increase by 3.2% in the second half of 2024.

At present, my country's eyewear industry is steadily advancing towards digitalization, intelligence, greening and integration of transformation and upgrading. The industry has achieved phased results in increasing varieties, improving quality and creating brands. We believe that under the coordination of national policies such as expanding domestic demand, preventing risks and benefiting people's livelihood, the eyewear industry will be able to seize opportunities, overcome difficulties, and build on the momentum. With high-quality development as the driving force, we will continue to consolidate our industrial advantages and promote the steady improvement of the industry's economic operation.