BEIJING - China's textile industry posted a year-on-year rise of 29 percent in its industrial output value which hit 3.9558 trillion yuan ($623 billion) in the first three quarters, the Ministry of Industry and Information Technology (MIIT) said Friday.

The growth rate is one percentage point lower than that of the first half of this year, according to a statement posted on the MIIT's website.

Among the major products, yarn output reached 20.95 million tons in the first three quarters, an increase of 11.3 percent over the same period last year, while cloth and garment output increased by 13.3 percent and 9.5 percent, respectively, to 44.9 billion meters and 18.3 billion pieces.

Profits of large-scale textile enterprises totaled 167 billion yuan in the first eight months, up 36.4 percent from the same period last year, said the statement.

Exports of China's textile and clothing enterprises totaled $186.1 billion in the first nine months, a 24.3 percent rise year-on-year.

The ministry expects that domestic market demand will maintain a relatively rapid growth as the cotton price stabilizes. Meanwhile, a slowdown in international market demand will hurt exports, and the industry will see growth similar to that of last year.