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FTA with Japan helps exporters survive storm
01 Jul '09
1 min read
Clear signs of an increase in the level of orders received by the Vietnamese textile and garment sector, indicate a recovery in the global economic order, when compared with the last and first quarter of 2008 and 2009, respectively.
Industry sources point to an increase in orders by nearly 15-20 in the second quarter, when compared with the first quarter and the current orders in hand are enough to keep the machines humming till the third quarter.
Most of the growth in exports as well as an increase in orders have come from the Japanese markets, with which the country has signed a free trade agreement, just a few months ago, and enabled it to survive through the crisis.
Experts attribute the rise in flow of orders to the lowering of inventory levels with their buyers, who had stopped placing orders, since the unveiling of the economic crisis, leading to a slowdown in consumer spending in most western countries.
According to available statistics, exports of textiles and clothing had dipped by just 1.3 percent in the first six months of 2008, against an anticipated fall of 15 percent and are well on their way to accomplishing the levels attained last year.
Industry sources point to an increase in orders by nearly 15-20 in the second quarter, when compared with the first quarter and the current orders in hand are enough to keep the machines humming till the third quarter.
Most of the growth in exports as well as an increase in orders have come from the Japanese markets, with which the country has signed a free trade agreement, just a few months ago, and enabled it to survive through the crisis.
Experts attribute the rise in flow of orders to the lowering of inventory levels with their buyers, who had stopped placing orders, since the unveiling of the economic crisis, leading to a slowdown in consumer spending in most western countries.
According to available statistics, exports of textiles and clothing had dipped by just 1.3 percent in the first six months of 2008, against an anticipated fall of 15 percent and are well on their way to accomplishing the levels attained last year.
Fibre2fashion News Desk - India
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