Home / Business / Textile Tools: Save | Print | E-mail | Most Read | Comment
Profits decline at Chinese textile firms
Adjust font size:

Chinese textile firms' profits declined for the first time in ten years as a result of reduced oversea demands. The decline started during the second half of 2008 when the financial crisis began impacting the world economy.

Textile firms took in 104.2 billion yuan (US$15.3 billion) in profits in the first 11 months of last year, a fall of 1.77 percent over the same period in 2007, according to the National Bureau of Statistics (NBS).

"This was the first decline in profits for the country's textile sector in 10 years," said Wang Qianjin, chief editor of the country's leading textile web site webtextiles.com.

The NBS also said losses for textile firms added up to 22.75 billion yuan from January to November last year. That is almost double the figure for the same period in 2007.

Wang said profits for the textile sector for 2008 would remain the same or less than 2007. Textile firm profits surged nearly 38 percent in 2007.

Fan Min, chief editor of a weekly textile magazine under the Ministry of Commerce, said he expected textile exports to fall 30 percent in the first quarter of 2009.

(Xinhua News Agency January 1, 2009)

Tools: Save | Print | E-mail | Most Read
Pet Name
China Archives
Related >>
- New world for China textile exports as quota systems end
- Gov't to ensure textile export growth in 2009
- China to raise export tax rebates for textile, garment products
- China's textile export growth slows
- Jan-July growth in China textile output shrinks to single digit

Jan. 8-9, Beijing Construction Innovation Country Forum Annual Meeting
Jan. 14-16, Nanjing China Expo Forum for International Cooperation
Jan. 29 - Feb. 1, Switzerland World Economic Forum Annual Meeting

- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?