China’s textile sector shows strong performance in Q1 2021

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.

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