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Chinese textile firms raked in $26.80 bn profits in Jan-Sept 2021
23 Nov '21
1 min read
Pic: Liudmyla Nikitiuk | Dreamstime.com
The textile industry of China grew steadily during the first three quarters of this year (January to September 2021) with textile firms collectively raking in profits worth 171.1 billion yuan (approximately $26.80 billion), a 31.7 per cent increase year-on-year (YoY), according to the Ministry of Industry and Information Technology (MIIT).
The collective value of textile companies with an annual operating revenue of 20 million yuan (approximately $3.13 million) or more went up by 6.3 per cent compared to 2020. The combined operating revenue reached 3.67 trillion yuan, up 15.6 per cent compared to the first three quarters of 2020, as per MIIT.
Online clothing sales in China also grew by 15.6 per cent YoY between January and September.
Additionally, China’s apparel exports went up by 5.6 per cent YoY to reach $227.6 billion during the same period.
Fibre2Fashion News Desk (KD)
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