China's textile sector sees 7.2% increase in profits in 2023

As per the Ministry of Industry and Information Technology reports, these enterprises collectively generated profits reaching 180.2 billion yuan ($25.38 billion) during the period.

However, notwithstanding this impressive growth in profit, the combined operating revenue of these firms experienced a marginal decline of 0.8 per cent from 2022, settling at 4.70 trillion yuan, further added the reports.

In parallel, China’s textile and garment exports faced a decrease of 8.1 per cent in 2023, amounting to $293.6 billion compared to the previous year.

However, there was a positive turn in December 2023, as the data indicates a 2.6 per cent year-on-year increase in textile and apparel exports, reaching $25.3 billion.

This resurgence in exports at the end of the year suggests a potential recovery and renewed momentum for the industry as it navigates through challenging global economic dynamics.

ALCHEMPro News Desk (DR)