Profits of China’s major industrial firms increased 3.5% year-on-year in the first six months, up from the 3.4% increase recorded in the first five months, official data showed.

The National Bureau of Statistics (NBS) reported that industrial profits rose by 3.6% year-on-year in June alone, seeing an increase of 2.9 percentage points from May.

The profit of the manufacturing industry totaled 2.49 trillion yuan in the first half of 2024, growing by 5.0% year-on-year.

From January to June, the main business income of textile enterprises above designated size reached 1.13 trillion yuan, which increased by 4.5% compared with the same period the previous year; the profit of the textile industry totaled 32.33 billion yuan, with year-on-year growth of 19.3%.

While the main business income of enterprises above designated size in the garment and accessories industry reached 568.16 billion yuan, up by 1.0% year-on-year; the profit of the garment and accessories industry reached 24.06 billion yuan, with year-on-year decline of 1.8%.

In the first half of this year, the main business income of leather, fur, feather and their products and footwear industry reached 398.21 billion yuan, up by 5.6% year-on-year; their profit totaled 17.17 billion yuan, with year-on-year growth of 7.9%.

As for the performance of chemical fiber manufacturing enterprises above designated size, their main business income totaled 570.99 billion yuan in the first half, up by 14.2% year-on-year; and the profit totaled 12.65 billion yuan, surged by 127.9% year-on-year.

Source: CHINA TEXTILE LEADER Express