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China’s textile sector witnesses a steady expansion

May 18, 2021
China’s textile sector witnesses a steady expansion

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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