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Earthquake deals lethal blow to apparel exports
25
Mar '10
The earthquake measuring in the Western Province of Haiti is having a drastic effect on the apparel export figures of the country.

Despite the outpouring of help from various countries from all across the globe, the economic aftershocks of the earthquake cannot be dismissed.

Domestic industries will experience a drastic set back, with the disaster of the quake discouraging the existing businessmen, and the future investors. Haiti's apparel industry is one among the deeply affected sectors.

US is the biggest trade partner of Haiti, and 75% of the latter's exports to the US make up of apparels and textiles.

The level of damage caused to the basic infrastructure by the earthquake will have a deep impact on the apparel manufacturing activities for quite some time.

Though economists positively believe that the quake will not deal a fatal blow, Haiti is a small nation with a small economy having a GDP of only $11.53 billion as per 2008 data.

The natural disaster will be a serious setback to Haiti, causing a temporary shift in the growth trajectory of the country.

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Fibre2fashion News Desk


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