China's textile industry profits up 7.2% in 2023

0 Comment(s)Print E-mail Xinhua, February 4, 2024
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An employee works on a cotton yarn production line at a workshop of a textile company in Kaifeng, Henan province, Jan. 25, 2024. [Photo/Xinhua]

Total profits of China's major textile enterprises rose 7.2% year on year in 2023, official data showed.

Last year, these companies generated profits amounting to 180.2 billion yuan (about $25.38 billion), according to the Ministry of Industry and Information Technology.

The combined operating revenue of these firms stood at 4.70 trillion yuan, edging down 0.8% from 2022, said the ministry.

China's textile and garment exports hit $293.6 billion in 2023, down 8.1% from the previous year.

Textile and garment exports resumed expansion in December 2023, up 2.6% year on year to $25.3 billion, the data also revealed.

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