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Philippine textile & garment exports cross $2bn in 2014
13
Feb '15
The exports of textiles and apparel from Philippines crossed US$ 2 billion mark last year, according to the data from the industry and trade statistics department, under the Philippine Statistics Authority.
 
Philippines earned US$ 2.095 billion through exports of yarn, fabric and apparel in 2014. Of this, yarn and fabric exports shot up by 34.5 per cent year-on-year to $252.679 million, while clothing exports increased at 16.6 per cent to $1.843 billion, the data showed.
 
Philippine textile and apparel exports grew at a higher rate compared to the nine per cent growth registered in total exports by the country during the year.
 
Philippine textile and clothing exports picked up in December 2014. While exports of textile yarns and fabrics surged by 64.3 per cent year-on-year to $20.448 million during the month, garment exports rose by a sharp 33.8 per cent to $154.881 million.
 
Apparel exports from Philippines are likely to further increase as the European Union granted its Generalised System of Preferences Plus (GSP+) status to the country beginning this year. The GSP+ brings tariffs down to 0% for around two-thirds of tariff lines, including garments.
 
The garment industry was once among the country’s largest employers in the Philippines, but it faded in the late 1990s after quotas on textile and clothing trade worldwide were eliminated. Even after the GSP+, Philippines is not likely to reach 1990s levels because of intense competition from countries like China and Vietnam, according to industry analysts. (RKS)
 

Fibre2fashion News Desk - India


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