China’s textile industry sees steady expansion in first half of 2022
The total value added of these companies increased by 0.9% year-on-year during the period.
China’s textile industry recorded stable revenue growth in the first half of 2022, according to data from the Ministry of Industry and Information Technology, which recently said that textile companies whose main annual revenue was at least 20 million yuan had generated 2.52 trillion yuan in revenue in the first six months of 2022, up 5.7% year on year.
Major retailers’ combined sales were 8.12 trillion yuan in the first half of 2022, up 0.8 percent from a year earlier. Apparel exports amounted to $156.5 billion, up 11.7 percent, an official news agency reported.
A 17% year-on-year drop in total profits for these companies and slight declines in the production of yarns, fabrics and garments were also observed. Employment levels in the textile sector also fell slightly.
Fibre2Fashion (DS) News Desk