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Textile industry profit loss: 42.1 billion yuan

By Du Xiaoli (chinadaily.com.cn)
Updated: 2007-11-09 15:27

Loss of China's textile industry profit reached 42.1 billion yuan (US$5.67 billion) in the first eight months of this year due to monetary factors and trade policy, according to the Beijing Times.

Related readings:  China sets up first index system for textile industry  Textile industry urged to reform  Textile industry posts 38.7 percent rise in profit in first two months  China's textile industry forecast to have double-digit growth

Exports growth dropped 5.21 percentage points year-on-year due to lowered export quantity, said the latest report released by the National Development and Reform Commission. The export quantities slack while the prices rose.

China's textile exporters still enjoy stable development and remain in first place worldwide for textile exports, according to the report. Comprehensive competitiveness is also rising. Influenced by renminbi appreciation, export rebates policy adjustment, rising cost of factors of production and trade barriers, textile enterprises have experienced heightened competition pressure internationally and exports have suffered as a result.