China's food industry posts steady growth in 2019

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) 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) 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.