Home / Knowledge / News / Textiles / Greek textiles industry searching for new strategies
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

Must ReadView All

Textiles | On 26th May 2017

Lenzing unleashes new eco-friendly fibre

There's a new eco-friendly fibre on the anvil—Austrian speciality...

Apparel/Garments | On 26th May 2017

Benetton seeks approval for FDI in single-brand retail

Global fashion brand Benetton Group, has sought Indian government's...

Apparel/Garments | On 26th May 2017

Walmart to conduct GST workshops for SME suppliers

With the objective of supporting its small and medium-sized (SME)...

Interviews View All

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, 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:
May 2017

May 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