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Philippines' textile exports turn negative in Jan-May

13 Jul '15
2 min read

The exports of textiles from Philippines showed a negative trend and declined marginally by one per cent year-on-year during the first five months of 2015, compared to the 34.5 per cent growth registered in 2014, the latest government data showed.
 
From January to May 2015, Philippines exported textiles, including yarn and fabric, worth $96.495 million, as against exports of $97.482 million in the corresponding period of last year, according to the data from the industry and trade statistics department, under the Philippine Statistics Authority.
 
Meanwhile, garment exports earned $794.632 million for Philippines during the five-month period, showing a growth of 6.8 per cent over $744.351 million worth of apparel exported in the same period in 2014. However, the growth rate was lower than the 16.6 per cent registered last year.
 
From January to April 2015, for which data is available, Philippines’ import of yarn, fabric and made-up articles were valued at $226.862 million, down 7.6 per cent compared to imports of $245.616 million in the corresponding period of the previous year.
 
Tariff on Philippine garment exports to the European Union has decreased to zero beginning this year, as the country was granted Generalised System of Preferences Plus (GSP+) status. However, textiles and garments are not included in the revised GSP granted by the US to Philippines.
 
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. (RKS)
 

Fibre2Fashion News Desk - India

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