Chinese shoemakers with annual revenues of 20 million yuan renmimbi (€2.437m - $3.304m) or more saw their combined sales increase by 9.5 percent to RMB518.7 billion (€3.1bn - $2.3bn) in the first ten months of 2013, according to the country's Ministry of Industry and Information Technology. However, their gross profits rose by only 4.9 percent and their net profit margins declined by 0.06 percentage points to 5.61 percent of sales. China's shoes exports rose by 5 percent in volume to 8.7 billion pairs during the period, but their value increased by 8 percent to the equivalent of US$39.1 billion.