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Chinese textile industry profit falls by 20.3% Year On Year in January – July 2023
Insights:
- The total profits of industrial enterprises in China above the designated size reached 3,943.98 billion yuan between January and July this year – down by 15.5 percent year on year (YoY).
- The profit of the manufacturing industry was 2,769.42 billion yuan during the period – down by 18.4 percent YoY.
- The textile industry’s profit fell by 20.3 percent YoY in the period.
Chinese textile industry profit falls by 20.3%
The total profits of industrial enterprises in China above the designated size reached 3,943.98 billion yuan between January and July this year – down by 15.5 percent year on year (YoY) and a fall of 1.3 percentage points narrower than that between January and June, according to official statistics.
The profit of the manufacturing industry was 2,769.42 billion yuan during the seven-month period – down by 18.4 percent YoY.
State-holding enterprises saw a profit of 1,380.59 billion yuan, a YoY decrease of 20.3 percent.
The profit of share-holding enterprises was 2,883.56 billion yuan during the seven-month period – down by 16.6 percent YoY. Enterprises funded by foreign investors and investors from Hong Kong, Macao and Taiwan saw a total profit of 935.57 billion yuan – down by 12.4 percent YoY; private enterprises saw a profit of 1,022.66 billion yuan – down by 10.7 percent YoY.
The Chinese textile industry’s profit decreased by 20.3 percent YoY in the January-July period.
From January to July, the revenue of industrial enterprises above the designated size was 73.22 trillion yuan – a decrease of 0.5 percent YoY, an official press release said.
At the end of July, the assets of industrial enterprises above the designated size totaled 161.40 trillion yuan, a YoY increase of 6.5 percent.
Textile industry in China:
The textile industry in China is the largest in the world in both overall production and exports. China exported $274 billion in textiles in 2013, a volume that was nearly seven times that of Bangladesh, the second largest exporter with $40 billion in exports. This accounted for 43.1% of global clothing exports. According to Women’s Wear Daily, they account for more than 50 percent of the world’s total overall production, exports, and retail. As of 2022, their textile and garment exports total up to around $316 billion and their retail up to $672 billion. China has been ranked as the world’s largest manufacturer since 2010.
