Global economic crisis is pushing every country into turmoil. Proving itself a 'Pandora's Box', recession is putting every country into an unprecedented crisis.
A downturn in demand in the developed countries has heavily affected the exports of developing and least developed countries.
Asian Development Bank forecast, predicts that Asia's textile and apparel exports have been greatly affected by economic slowdown and will fall drastically in 2009.
Asian textile and apparel exports are expected to drop by about US$8 billion with China accounting for the lions share with US $3.9 billion.
On the contrary, Bangladesh exports are on a growth curve. A shift in the shopping pattern of the US and EU consumers towards low priced clothing have favored this country.
Pakistani suppliers remain stuck in the low cost segment. Unit values of Indonesian shipments remained similar. Indian prices declined more than 9% by contrast while Vietnamese prices reduced by 3.2%.
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Fibre2fashion News Desk - India
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