According to official figures, China’s textile sector experienced steady revenue growth in the first half of this year. According to the Ministry of Industry and Information Technology, textile businesses with annual main business incomes of at least 20 million yuan (about 3 million dollars) generated 2.52 trillion yuan in sales in the first half of 2022, up 5.7 percent from the same period last year.
During that time, these enterprises’ overall added value increased 0.9 percent yearly. 8.12 trillion yuan in total was sold by the major retailers between January and June, an increase of 0.8% from the same period last year. The value of the nation’s garment exports increased by 11.7% to 156.5 billion dollars.
However, the statistics also revealed a 17 percent year-over-year reduction in these companies’ overall profitability as well as small declines in output of yarn, cloth, and clothing. The employment levels in the textile industry also somewhat decreased.