Business

China's Textile Industry Posts Stable Growth

China's textile sector reported stable development in the first 11 months of 2019, data from the National Development and Reform Commission showed. Value-added output of enterprises above designated size rose 2.5% year-on-year, with output in the sub-sectors of fibre, industrial textiles and garments were up by 11.8%, 7.1% and 1%, respectively, according to the commission. Domestic retail sales of apparel and knitwear stood at 1.2 trillion yuan (about US$ 172.4 billion), up 3% year on year. Online garment sales continued to expand nationwide, with the turnover reporting a 16.5% yearly growth and new sales modes such as live video streaming attracting consumers, the data showed. From January to November 2019, China's textile and garment exports declined 2.6% year on year to US$ 246.9 billion, with the pace of drop decelerating 0.1 percentage point from one month earlier. Textile firms over designated size generated combined operating revenue of 4.03 trillion yuan from January to October 2019, up 0.2% year on year, while the total profit dropped 8.7% year on year to 168.8 billion yuan.