Recently General Administration of Customs, China (GACC) reported that the country’s garment exports declined 6.40 per cent in 2020 to US $ 137.38 billion. The contraction in export revenues resulted in lower profits, as says a fresh data from the Ministry of Industry and Information Technology. Total profits of the country’s garment enterprises valued US $ 9.90 billion in 2020, marking 21.30 per cent decline from 2019. Meanwhile, the combined operating revenue of these companies fell 11.30 per cent to US $ 211.85 billion. The Ministry further said that the country’s total export of garments in terms of quantities stood 22.37 billion pieces, which is down 7.70 per cent on Y-o-Y note. It’s worth mentioning here that China’s total garment and textile exports in 2020 upped 9.60 per cent buoyed by the significant surge in exports of textile commodities. China’s textile exports reached US $ 153.84 billion, growing 29.20 per cent on yearly basis in 2020.
