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Textile industry in China sees stable expansion in H1 2022
14 Aug '22
1 min read
Pic: Shutterstock
The textile industry in China posted stable revenue growth in the first half (H1) this year, according to data from the ministry of industry and information technology, which recently said textile firms with an annual main business income of at least 20 million yuan ($3 million) raked in 2.52 trillion yuan in revenue in the first six months of 2022—up by 5.7 per cent year on year (YoY).
The total added value of these companies rose by 0.9 per cent YoY during the period.
The combined sales of main retailers were worth 8.12 trillion yuan in H1 2022—up by 0.8 per cent from a year earlier. Garment exports amounted to $156.5 billion—a rise of 11.7 per cent, an official news agency reported.
A 17 per cent YoY decline in total profits of these companies and slight drops in yarn, cloth and garment output were also witnessed. The textile sector's employment levels went down mildly as well.
Fibre2Fashion News Desk (DS)
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