China's textile industry grew rapidly in the first three
quarters thanks to buoyant domestic demand, according to the China
National Textile and Apparel Council.
From January to September, industry sales reached 1,725.8
billion yuan (US$216 billion), an increase of 22.69 percent on the
same period of last year, and profits rose to 60.1 billion yuan, up
23.69 percent.
Meanwhile, the industry's added value grew 15.29 percent to
465.3 billion yuan.
The council said the profits of the cotton textile sector grew
43.23 percent year on year, taking the industry top spot, while the
chemical fibre sector's profits reached 5.125 billion yuan, up 38.2
percent on the same period last year.
Industry data show the export volume of textiles and garments
amounted to US$107.73 billion in the January-September period, up
24.12 percent year on year, similar to last year.
However, the council said China's textile exports to the United
States and the European Union had declined drastically due to
import barriers and quotas.
As a result, the United States and the European Union, which
accounted for 34 percent of China's total textile exports in
January-September 2005, only represented 26.59 percent in the first
nine months of 2006.
(Xinhua News Agency November 15, 2006)