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Imports of textiles & apparels take a hit in 2008
13
Feb '09
The recessionary trend which had already begun from the beginning of 2008 began to increase its grip after the unfolding of the sub-prime crisis in the US. Before long, the economy of the US nose dived in to a tailspin, the like of which is not even comparable to the acute depression of the 1930's.

As expected, imports of textile and clothing took a direct hit in the last month of 2008 and also for the full year. Worldwide shipments from the sector fell by 7.9 percent in December and down by 5.9 percent for the full year of 2008. Not even Christmas or the New Year could revive consumer spending.

The biggest apparel exporting countries were China, Vietnam, Bangladesh, Honduras and Indonesia, while the largest textile exporters were China, Pakistan, India, Mexico and South Korea. Most of these above mentioned countries witnessed a drop in exports from the textile and apparel industry.

Imports from the biggest supplier of textile and clothing; China took a big hit. In the month of December 2008 alone, shipments of textiles and apparels fell by 15.9 percent and 5.9 percent respectively, while for the full year of 2008, imports recorded negative growth of 4 and 3.1 percent respectively.

At the same time, countries like India, Bangladesh and Vietnam continued to grow their exports from the sector. India managed to grow exports of both textiles and garments by 7.4 percent, Vietnam by an awesome 19.2 percent and Bangladesh by a hefty 18.9 percent in the month of December 2008.

While that of Canada, Mexico and Indonesia registered negative growth in the month of December 2008. Exports of textile and clothing combined, from Canada dropped by a whopping 30.6 percent, that of Mexico by 16.1 percent and the island country of Indonesia by 11.3 percent in the last month of 2008.

Fibre2fashion News Desk - India

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