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Greek textiles industry searching for new strategies
11
Oct '11
The once blooming Greek textiles industry is searching for new strategies to recover the losses it suffered due to considerable drop in its exports, especially in European markets.

Until recently, the decline in domestic demand for textiles was made good through rise in exports. But, with the exports also taking a downward turn, small and medium enterprises are being thrown out of business, according to Eleftherios Kourtalis, President of Association of Greek Textile Manufacturers.

Mr. Kourtalis revealed that most textile manufacturers in the country are now operating only 15 days a month owing to the reduced demand from overseas markets. He further said the textile manufacturers want to avoid a repeat of build-up of surplus stocks, which happened two years ago.

For the first time in the country, he added, many textile units had to stop operations for about a month during the summer period.

Moreover, in the absence of a supply procurement committee, Greek textiles suppliers are facing long delays in receiving state payments. As a result, it takes months before payment is made after an order is fulfilled.

Under such circumstances, Greek textile industry is searching for new strategies and some major textile players like the Hellenic Fabrics SA and the Epilektos-Selected Textiles SA have already taken steps towards diversifying into non-textile sectors.

According to the Hellenic Statistical Authority (ELSTAT), in the initial six months of current year, Greece exported textiles and clothing items worth 222.7 million euros, a decline of 4.1 percent year-on-year. Similarly, exports of textile raw materials declined to 70.9 million euros during January-June period, as against 139.3 million euros in the corresponding period of 2010, a drop of 49.1 percent.

Production in the textiles sector also plummeted by 18.4 percent year-on-year in the first six months of the current year. The overall new orders were down 6.6 percent year-on-year, of which the domestic market recorded a drop of 13.6 percent while foreign markets showed a positive growth of 3.9 percent.

Fibre2fashion News Desk - India

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