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Greek textile industry facing tough times
16
Dec '11
The Greek textile industry is facing tough times as not only the sector's production has dropped but domestic orders have also gone down considerably over the past few months.

Moreover, the export market also is not in a good shape. After rising for a short while during the first part of the year, exports have contracted by extra four to five percent over last year, the Association of Greek Textile Industries informed during its recent board meeting.

Meanwhile, the Hellenic Statistical Authority (ELSTAT) stated that the industry witnessed a year-on-year fall of 26.1 percent in domestic orders and 17 percent in export orders for textile products, during September this year.

Similarly, the production of textile products decreased by 25.1 percent during September this year, and 18.9 percent during the initial nine months of the current year, as compared to a year ago.

Further, the Association of Textile Manufacturers also doubts its own capacity to import raw materials, thus making the future of the industry even grimmer.
The Association stated that while dealing with Greek firms, overseas suppliers are emphasizing that all transactions should be done in cash only, and are even declining to accept bank guarantee notes.

Lack of liquidity in the market is further intensifying the woes of the domestic textile sector, as banks have terminated all funding sources, compelling a number of firms to seriously consider total closure.

In the current difficult situation, the textile sector is expecting the Government to come up with some measures to revive the sector, including clearing of pending value-added tax claims of textile entrepreneurs with high exports amounting to millions of euros.

It is also being recommended that the industry entrepreneurs should carry out an assessment of the sums that they owe to the Government and vice-versa to arrive at some kind of settlement with respect to the remaining amount.

Fibre2fashion News Desk - India

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