China’s food industry grew steadily in 2019, registering expansion in production, sales and income, according to the Ministry of Industry and Information Technology (MIIT).
Industrial added value of firms with an annual revenue of over 20 million yuan (about 2.84 million U.S. dollars) in the sector saw stable growth, with those of food manufacturers and agricultural by-product processors rising 5.3 percent and 1.9 percent year on year, respectively.
These firms’ retail sales of grain and oil, food, beverages and tobacco and alcohol reached 2.05 trillion yuan (about 291.4 billion U.S. dollars) last year, up 9.7 percent year on year, MIIT data showed.
Annual business revenue of food enterprises increased 4.2 percent year on year to 8.12 trillion yuan. Their profit amounted to 577.46 billion yuan, up 7.8 percent from one year earlier.
Manufacturers of alcohol, beverages and purified tea led other firms in income growth, with their operating revenue up 5 percent year on year and profit registering a 10.2-percent yearly growth.