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China's textile industry showed strong performance in the first quarter (Q1) of this year. The added value of large-scale textile companies with annual operating revenue of at least 20 million yuan ($3.09 million) increased by 20.3 per cent year-on-year, according to data from the country's ministry of industry and information technology (MIIT).The combiner operating revenue of large-scale textile firms expanded by 26.9 per cent year-on-year to about 1.05 trillion yuan during the three-month period, the MIIT data showed. These firms earned 43.4 billion yuan worth of profits, registering a surge of 93 per cent over same period of previous year, when the country saw lockdown periods due to the spread of COVID-19 pandemic.
Meanwhile, the exports of garments from China in January-March 2021 totalled $33.3 billion, an increase of 47.7 per cent year-on-year. Online retail sales of clothing products too grew by 39.6 per cent during the period under review.
Fibre2Fashion News Desk (RKS)
China's textile industry showed strong performance in the first quarter (Q1) of this year. The added value of large-scale textile companies with annual operating revenue of at least 20 million yuan ($3.09 million) increased by 20.3 per cent year-on-year, according to data from the country's ministry of industry and information technology (MIIT).