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Nicaraguan textile exports see sharp 30% rise in Jan-Feb
10
May '14
The exports by the textile industry in Nicaragua have risen by a sharp 30.93 percent year-on-year and have registered US$ 665.8 million in the first two months of the current year, according to the figures released by the Central Bank of Nicaragua.
 
In January 2014, Nicaragua exported textiles and garments worth $325.1 million, which increased to $340.7 million in February, the data showed. During the same months last year, the corresponding figures were $333.6 million and $174.9 million, respectively.
 
In 2013, Nicaragua earned $3.045 billion through textile and apparel exports.
 
This year, significant investments have been made in Nicaraguan textile sector which will increase exports. For example, the Honduran group Karim’s invested $35 million in the reopening of a textile plant, which had temporarily closed its operations due to the economic crisis of 2009. The textile company, which was earlier operated by the US firm Cone Denim, of the International Textile Group, has now been named Pride Denim Mills.
 
Pride Denim Mills has facilities from spinning to finished fabric and has an annual production capacity of 28 million yards of denim fabric.
 
Dean Garcia, executive director of the Nicaraguan Association of Textiles and Apparel (Anitec), is hopeful that the textile export growth trend would continue throughout the year.
 

Fibre2fashion News Desk - India

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