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Huge job losses reported from apparel manufacturing sector
27 Feb '09
1 min read
Guatemala had a thriving apparel manufacturing industry, helped in no less measure by the various trade agreements, mainly with the US and other countries of South America. But the ongoing economic crisis has broken the back of the sector.
According to estimates, the industry has lost 18,000 jobs since the last few months from a headcount of 44,000 thousand, said, Alejandro Ceballos, President of the Vestex Garment and Textile Council as well as Guatemalan Exporters Association.
The bulk of the job losses have occurred due to the closure of a South Korean garment manufacturing unit, producing 600,000 units per week. The company which has started operations in 1989 decided to wind up and sell its assets.
Guatemala had exported clothing worth US $1.39 billion in 2008, mainly to the markets of the US as well as a small percentage to countries of South America and Europe.
According to estimates, the industry has lost 18,000 jobs since the last few months from a headcount of 44,000 thousand, said, Alejandro Ceballos, President of the Vestex Garment and Textile Council as well as Guatemalan Exporters Association.
The bulk of the job losses have occurred due to the closure of a South Korean garment manufacturing unit, producing 600,000 units per week. The company which has started operations in 1989 decided to wind up and sell its assets.
Guatemala had exported clothing worth US $1.39 billion in 2008, mainly to the markets of the US as well as a small percentage to countries of South America and Europe.
Fibre2fashion News Desk - India
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