China's garment industry reports shrinking profits in 2020
China's garment industry registered lower profits and revenue in 2020, data from the Ministry of Industry and Information Technology showed.
Profits of the country's major garment enterprises came in at 64.04 billion yuan (about 9.9 billion U.S. dollars) last year, down 21.3 percent year on year, the ministry said.
Meanwhile, the combined operating revenue of these companies fell 11.3 percent from a year ago to 1.37 trillion yuan.
The output of China's garment sector reached 22.37 billion pieces in 2020, down 7.7 percent year on year, according to the ministry.