China's Textiles Sector Grows 5.7%, But Retail Profits Plunge 17%

China's textiles industry has posted stable revenue growth in the first half of this year, the country's official news agency has reported quoting official data.

Long Story, Cut Short
  • Textile companies with an annual main business income of about $3 million grew 5.7% year-on-year in the first six months of 2022.
  • The textile sector's employment levels went down "mildly."
The combined sales of main retailers went up 0.8% from a year earlier in the January-June period.
Retail sales The combined sales of main retailers went up 0.8% from a year earlier in the January-June period. Wang Zhuangfei / China Daily

China's textiles industry has posted stable revenue growth in the first half of this year, official news agency Xinhua has reported quoting official data.

Industry growth: Textile companies with an annual main business income of at least 20 million yuan (about $3 million) raked in 2.52 trillion yuan in revenue in the first six months of 2022, up 5.7% year-on-year, according to the Ministry of Industry and Information Technology.

  • The total added value of these companies rose 0.9% year-on-year during the period.

Retail sales: The combined sales of main retailers amounted to 8.12 trillion yuan in the January-June period, up 0.8% from a year earlier. The country's garment exports amounted to $156.5 billion, an increase of 11.7%.

  • The data also showed a 17% year-on-year decline in total profits of these companies and slight drops in yarn, cloth and garment output.
  • The textile sector's employment levels also went down "mildly."
 
 
  • Dated posted: 16 August 2022
  • Last modified: 16 August 2022