China’s food industry remains stable in first four months
BEIJING, June 9 (Xinhua) — China’s food industry remained generally stable in the first four months of this year, according to the Ministry of Industry and Information Technology (MIIT).
Industrial added-value of firms in the sector saw stable growth, with those of food manufacturers and agricultural by-product processors rising by 7.5 percent and 3 percent year on year respectively.
Retail sales of grain, oil and food reached 499.63 billion yuan (about 70.41 billion U.S. dollars), up 13.8 percent from last year. Sales of beverages stood at 63.46 billion yuan during the period, a 6.3-percent year-on-year growth, MIIT data showed.
From January to April, profits of major food companies fell by 3 percent year on year to 166.18 billion yuan.
Major food companies refer to those with an annual business turnover of at least 20 million yuan.