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Garment exports will not witness growth in '09 – Reserve Bank
04 Aug '09
1 min read
Garment exports are not expected to witness growth in the year 2009, announced the Reserve Bank of Fiji, which said that the conclusion of the US Multi-Fibre Quota System and the closure of Ghim Li Apparel (Fiji Limited) are the major reasons behind this.
Apart from this, the difficulties that the industry is facing in meeting the rules of origin under South Pacific Regional Trade and Economic Agreement (SPARTECA) is also the factor impacting the growth of garment exports this year, said the Chief Manager, Financial Systems Development and Compliance Mr. Filimoni Waqabaca.
He added that the clothing and footwear production is also experiencing plunge, over the past few years. The negative impact on the industry has affected the growth of garment export earnings in 2009. In the first five months of this year, apparel earnings fell by 25 percent, he said.
Apart from this, the difficulties that the industry is facing in meeting the rules of origin under South Pacific Regional Trade and Economic Agreement (SPARTECA) is also the factor impacting the growth of garment exports this year, said the Chief Manager, Financial Systems Development and Compliance Mr. Filimoni Waqabaca.
He added that the clothing and footwear production is also experiencing plunge, over the past few years. The negative impact on the industry has affected the growth of garment export earnings in 2009. In the first five months of this year, apparel earnings fell by 25 percent, he said.
Fibre2fashion News Desk - India
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