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South Korea announces plan to enhance textile exports
Nov '11
South Korea has announced an ambitious plan to enhance its annual textile exports by over 51 percent by 2020.

Through the plan, the country looks forward to boost its textile exports and establish itself as the fourth-biggest exporter of textiles across the globe over next nine years.

The Ministry of Knowledge Economy stated that pursuant to the new plan, the Government would attempt to enhance the country's annual textile exports by over 51 percent from 2010's US$ 13.9 billion to US$ 21 billion in 2020.

As stated by the Ministry, the industry's output would rise by around 47.4 percent from 2010's 38 trillion won to around 56 trillion won in 2020.

The announcement came as a part of the 24th anniversary of Textile Day in Seoul. The Textile Day is celebrated in South Korea since 1987, when the textile industry of the country achieved US$ 10 billion mark in exports and became the first industrial sector to have risen to attain such heights in exports.

From 1977 till now, South Korea has exported textile products worth around US$ 429 billion and has imported goods worth around US$ 126 billion from other countries. The Ministry revealed that the US$ 303 billion trade surplus of the textile industry is 1.6 times more than the country's overall trade surplus for the period.

During the current year, the country's textile exports are likely to grow to a decade's high of US$ 16 billion, the Ministry informed.

Fibre2fashion News Desk - India

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