Trade officials in China said on Tuesday that the value of exports at the country’s top 45 textile companies dropped 10.4 per cent in the first quarter year-on-year and their total profit also plunged 44.3 per cent during the period.

Statistics from the Economic Information Centre of the State Economic and Trade Commission show the firms realised 13.14 billion yuan in industrial output value, but business revenue was down 1.6 per cent at 15.13 billion yuan.

Inventories slipped 6.7 per cent to 8.8 billion yuan. Of the 45 firms, 33 made a combined profit of 460 million yuan, down 3.2 per cent, while 12 slipped into the red