Due to the shrinkage of global markets and subsequent fall in demand, Chinese Textile Industries suffered profit erosion throughout the pandemic period and will continue to bear the loss due to rising raw material prices, read a report by First Finance and Economics Daily of China.
The report revealed that since the onset of 2020, the textile industry has been experiencing massive losses as the industry is unable to raise product prices due to the pandemic.
According to the estimate of the China Chamber of Commerce for Import and Export of Textiles, the scale of China’s textile and apparel order transfer was about 6 billion US dollars in the first half of 2020, of which the cotton textile order transfer scale was about 1 billion US dollars.
As per the import and export data, the growth rate of China’s apparel and home textile products showcased a relatively obvious slowdown trend as the Industry insiders revealed that this year most garment factories’ orders will be completed by September.
