World’s largest Cotton producer China said the export value of textiles and garments grew 23.77% year on year or 2.33% month on month to $20.34 billion in May this year.

According to the latest statistics from China's General Administration of Customs, The year-on-year growth rate was 12.86 percentage points less than that of April.

The export value of textile products was $8.62 billion in May, up 23.68% year on year but down 1.69% month on month.

The export value of garment and accessories was $11.72 billion, up 23.85% year on year or 5.51% from April.

In the first five months of this year, the exports of textile products grew 31.5% year on year to $37.55 billion, while the exports of garments rose 23.1% to $51.29 billion.

Cotton inventory at textile enterprises in China stood at 1.02 million metric tons at the beginning of June, 119,500 metric tons less than a month earlier as textile companies experienced declines in sales.

In the first four months of this year, textile enterprises of the designated size and above saw their gross industrial output surge 30.54% year on year to RMB 1.53 trillion. The industry reaped a combined RMB 76.32 billion in profit during the period, 46.89% more than in the corresponding period of 2010.

Gross industrial output of textile enterprises in East China accounted for 81.47% of the country's total and increased 27.17% year on year in the first four months, and that of Central China accounted for 13.69% of the total and surged 50.48% year on year. Textile enterprises in West China saw their gross industrial output rose 40.57% year on year during the period.

In 2010, the export value of textile and garments in China hit a record high of $206.53 billion, surging 23.59% year on year. The export value of textile products surged 28.44% from a year earlier to $77.05 billion last year, while that of garments and accessories increased 20.88% year on year to $129.48 billion.