Home / Knowledge / News / Textiles / Lesotho textile sector frayed by currency volatility
Lesotho textile sector frayed by currency volatility
23
May '12
Despite being a small African landlocked country, Lesotho has been able to build a good textile industry in the country, thanks to the duty-free access to US markets under the African Growth and Opportunity Act (AGOA).

Currently, the textile sector is the number-one employer in Lesotho which has a population of just two million.

However, the Lesotho textile sector has been deeply affected by the European debt-crisis, as its currency – Loti is facing highly volatility, since it is pegged with the South African Rand, which too has undergone high instability in recent months.

Lesotho exports 80 percent of its textile produce to the US and since the rand has fallen as much as 7-8 percent against the US dollar this year, it is becoming very difficult for the textile industry to manage.

The Rand had lost 15 percent against the US dollar in 2011, but regained more than half of that in 2012, but again slipped by 7-8 percent in the last few days.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 9th Dec 2016

ACIMIT signs MoU with Pakistan textile bodies

In a bid to strengthen the trading in garments and textiles between...

Textiles | On 9th Dec 2016

‘Less demand may make it hard to achieve export target’

The $48 billion target for textiles and garment exports for 2016-17...

Textiles | On 9th Dec 2016

GST Council may decrease tax rates in future: CBEC

The goods and services tax (GST) Council might reduce the proposed...

Interviews View All

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search