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Exports of textile & garments maintain steady growth
Jul '08
Apart from being ranked as one of the 15 lowest-cost producer countries in the world, Peru's textile industry has a host of other advantages. High quality of raw material availability, duty-free access to US markets, low cost of production, proximity to North American markets and vertical integration have all gone a long way in strengthening the exports of the country.

The total textile and garment sector of Peru recorded a growth of 19.9 percent in 2007 when compared to 2006. Total exports out of Peru amounted to US $1,718 million in 2007 in contrast to $1,433 million in 2006.

The top ten countries including USA accounted for the lion's share of exports amounting to $1,509 million which is 87.83 percent of all textile and garment shipments.

Exports to USA topped with $ 825 million in 2007 evaluated against $841 million in 2006, a miniscule negative growth rate of 1.9 percent but accounting for nearly 48 percent of all shipments. Venezuela came second with shipment totaling $403 million compared to $178 million in 2006, a stupendous growth of 126.3 percent.

Exports to Colombia, Chile and Italy followed with $52 million, $50 million and $50 million respectively. Growth in exports to Italy reached 44.4 percent over 2006. Ecuador with $35 million, France $27 million, UK $24 million, Spain $23 million and Germany with $21 million made up the rest of the top ten importing countries from Peru.

Exports to countries other than the above totaled $209 million dollars compared to $175 million in 2006 a growth of 18.8 percent.

Apart from USA, two other countries registered negative import growth rates. Ecuador with 0.5 percent and Spain with 4.8 percent.

In keeping with the present scenario, the textile industry of Peru is likely to undergo massive development in due course of time provided the cost of production remains as conducive as during the existing circumstances.

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