Profits of China’s major industrial firms increased 4.3% year on year in the first quarter of this year, official data showed. The growth reversed a 2.3-percent decline registered in 2023, extending an upward trend for three consecutive quarters, according to the National Bureau of Statistics (NBS).

Industrial firms with an annual main business revenue of at least 20 million yuan (about US$ 2.82 million) saw their combined profits reach 1.51 trillion yuan during the first three months.

The profit of the manufacturing industry totaled 1.02 trillion yuan in the first quarter, growing by 7.9% year-on-year.

From January to March, the main business income of textile enterprises above designated size reached 520.20 billion yuan, which increased by 7.0% compared with the same period the previous year; the profit of the textile industry totaled 11.21 billion yuan, with year-on-year growth of 25.0%. While the main business income of enterprises above designated size in the garment and accessories industry reached 269.76 billion yuan, up by 1.4% year-on-year; the profit of the garment and accessories industry reached 9.52 billion yuan, with year-on-year growth of 5.8%.

In the first quarter, the main business income of leather, fur, feather and their products and footwear industry reached 187.96 billion yuan, up by 3.8% year-on-year; their profit totaled 7.87 billion yuan, with year-on-year growth of 13.9%.

As for the performance of chemical fiber manufacturing enterprises above designated size, their main business income totaled 266.41 billion yuan in the first quarter, up by 17.7% year-on-year; and the profit totaled 5.21 billion yuan, surged by 310.2% year-on-year.

Source: CHINA TEXTILE LEADER Express