According to the latest report of the State Information Center, although the exports of textile industry faced unfavorable factors, such as interference of trade frictions by the US and EU, export tax and RMB appreciation, China's textile industry still experienced rapid growth in 2006. Progress was mainly backed by industrial and changing growth mode, in particular, the competitive promotion in processing industry.
Relevant data show that from January to November 2006. Textiles and clothing industrial output value and sales income maintained a growth rate of over 20 percent. However, the growth rate declined from the same period of previous year.
From January-November period, textile industrial output value and sales income grew by 21.5 percent and 21.6 percent, respectively. Garment product growth rate of industrial output value and sales income increased by 23.6 percent and 23.9 percent, respectively.
On the basis of steady growth in sales, the rapid growth of the textile and garment industrial profits continued. Among them, textile industry completed a total profit of 46.49 billion yuan, an increase of 28.9 percent over the same time of the previous year. In its affiliated sectors, the highest profit growth rate was in cotton fiber textiles, man-made textiles and dyeing and finishing industry, which realized profits of 24.192 billion yuan, an increase of 36.7 percent.
Garment industry maintained a good momentum of profit growth. Accumulated profits were 21.896 billion yuan, an increase of 27.2 percent; profit growth rate was significantly higher than the average level of the whole industry.