Home / Knowledge / News / Apparel/Garments / Clothing exports take massive hit
Clothing exports take massive hit
17
Dec '09
Laos, a land-locked country sandwiched between China, Vietnam, Cambodia and Thailand has a thriving garment manufacturing sector, though not as big as its neighbouring countries. But in recent times, the impact of the economic slowdown has left its mark on this sector.

Exports of clothing are expected to touch only US $160 million in the current year, down by $35 million when compared with the previous year, considering that shipments till the first nine months of 2009 could reach only $120 million.

83 percent of exports from the sector are destined for the countries in the European Union. Among other challenges, the strengthening of the domestic currency is considered a major drawback by the apparel exporters of the country.

The President of the Garment Factory Association, Onesy Boudsivongsack has appealed to the government to reconsider the value of the Lao currency; otherwise shipments from the sector could suffer and also lead to closures of a number of factories.

He also expressed concerns over the implementation of the value-added tax which will be put into effect from Jan 1, 2010 and said that the tax will create more difficulties to garment producers.

The Ministry of Finance, however argues that the valued-added tax is an additional major source of revenue for the government and that the government has lost 36 billion kip, by postponing the VAT introduction till early 2010.


Fibre2fashion News Desk - India


Must ReadView All

Apparel/Garments | On 29th Jun 2017

Amazon intends to keep investing and growing in India

American online retail giant Amazon intends to keep investing and...

Textiles | On 29th Jun 2017

Vietnam’s textile & garment exports cross $10bn till May

Vietnam earned $10... billion from textile and garment exports in the ...

Textiles | On 29th Jun 2017

Indian textile industry will reach new milestone by 2020

By 2020, textile technologies will be highly advanced not only with...

Interviews View All

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X