BEIJING (XINHUA) – China’s garment industry registered shrinking revenues and profits in the first half of the year (H1), but the decline was narrower, data from the Ministry of Industry and Information Technology (MIIT) showed.
From January to June, the combined operating revenue of major garment enterprises, each with an annual operating revenue of at least CNY20 million (about USD2.89 million), dipped 16.39 per cent year on year to CNY577.63 billion, MIIT data showed. The contraction narrowed by 7.07 percentage points from the decline in the first quarter (Q1). Meanwhile, profits of these enterprises shrank 27.34 per cent to CNY23.53 billion from the same period last year, with the fall narrowing by 16.16 percentage points compared with the decrease in Q1.
The output of the enterprises was down 13.69 per cent to 9.6 billion pieces in the first six months of the year, according to the ministry. During the same period, exports of clothing and accessories decreased by 19.42 per cent year on year to USD53.64 billion, said the MIIT.