China’s textile sector witnesses a steady expansion

China’s textile sector witnesses a steady expansion

As per the data obtained from the MIIT, China’s textile industry has recorded good growth during the first quarter of 2021. The industry’s revenue increased by 20.3% this year.

Xinhua,
Beijing

According to the
data released by the Ministry of Industry and Information Technology (MIIT),
the added value of annual operating revenue was $3.09 million year-on-year. The
annual operating revenue in the sector rose by 20.3% year-on-year, as per the
MIIT report. The firms in
China’s
textile sector
, which come under the category of $6.72 billion
profit, surged by 93% as compared to the same period last year. The combined
operating revenues of these firms expanded by 26.9 % as compared to the similar
data from last year.

Between January
and March, China’s online retail sales of clothing showed a growth of 39.6%.
According to sources, garment exporters experienced a growth of 47.7% in
exports despite the pandemic. The garment exports totalled $33.3 billion
between January and March.

Due to the
coronavirus pandemic, the garment sector in the majority of countries has been
affected badly, but it is seen that China’s textile sector experienced a
year-on-year gain.

Source: Big News
Network

Image Source: Wikipedia

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