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Clothing exports may fall by 30% in 2009
06
Aug '09
The Ministry of Commerce has estimated that exports of garments will dip by as much as 30 percent in 2009, far higher than the 5 percent drop anticipated at the beginning of the year.

This has come about due to a drop in export sales to its main market; the US, which is the epicenter of the economic crisis and recessionary trends.

Shipments of apparels in the first five months of 2009, touched US $909 million, down by 20 percent from the same period of the previous year.

The situation in the garment sector is bad with nearly 78 companies having closed down operations and another 30 leading a hand to mouth existence with respect to orders.

The Cambodian Garment Manufacturers Association has asked the apparel units to become more competitive to avoid its market share to slip in the biggest market.

Fibre2fashion News Desk - India


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