Chinaclocked US $ 315.46billion revenues from its textile and garment exports, according to recently released statistics of General Administration of Customs, China (GACC).
The country noted growth of over 8 per cent in its textile and garment exports in 2021 over 2020; however, textile exports alone declined by 5 per cent.
The drop was recorded majorly in small-scale textile factories’ revenues, as the textile factories with annual operating revenue of at least RMB 20 million (US $ 3.16 million) hit profits of RMB 267.70 billion (US $ 42.44 billion) in 2021, surging 25.4 percent year-on-year, according to the Ministry of Industry and Information Technology (MIIT).
The growth is attributed to Chinese textile factories’ robust expansion last year to cater to rising global demand.
The official data further showed that the operating revenue of the above-mentioned firms totalled RMB 5.17 trillion, expanding 12.30 percent from a year earlier.
