China's textile industry profits up 7.2% in 2023

Total profits of China's major textile enterprises rose 7.2 percent year-on-year in 2023, official data showed.

Last year, these companies generated profits amounting to 180.2 billion yuan (about $25.38 billion), according to the Ministry of Industry and Information Technology.

The combined operating revenue of these firms stood at 4.7 trillion yuan, edging down 0.8 percent from 2022, said the ministry.

China's textile and garment exports hit $293.6 billion in 2023, down 8.1 percent from the previous year.

Textile and garment exports resumed expansion in December 2023, up 2.6 percent year-on-year to $25.3 billion, the data also revealed.