China's industrial textile industry reports drastic profit increase
China's industrial textile industry has witnessed a significant increase in production, sales, profits and exports during the first five months of the year, due to soaring demand caused by the COVID-19 epidemic, official data showed.
Profits of industrial textile companies with annual revenues of more than 20 million yuan (US$2.86 million) skyrocketed 189.08 percent year on year to 12.69 billion yuan from January to May, according to data from the Ministry of Industry and Information Technology.
Their revenues jumped 13.25 percent from a year ago to 103.92 billion yuan.
During the first five months, China exported US$34.29 billion worth of industrial textiles, including US$22.56 billion of masks and US$2.19 billion of protective clothing.