Textile & garment sector clocks consistent growth rates
The textile and garment industry of Turkey is clocking growth rates far beyond that of a lot of its peers and contemporaries countries across the globe. While on one hand countries like China and a few other countries which had delivered stupendous growth in 2007 are struggling hard to maintain those figures in face of mounting adversities, Turkey has managed to surmount the tribulations and exceed the pace of growth.
The textile sector delivered a growth of 11.79 percent in the first seven months of 2008 corresponding to the same period in 2007. The sector is also responsible for contributing singlehandedly nearly 22 percent of all export revenues generated from the industrial sector for the country.
Exports from the industry grew from US $13.85 billion in Jan-July 2007 to $15.49 billion in the comparable period of 2008.
Ready made garments, the biggest revenue generator and accounting for 63.6 percent of all shipments from the sector closed the first seven months of 2008 with figures of $9.85 billion compared to $9.06 billion in the same period of 2007 thereby, clocking a growth rate of 8.7 percent.
Exports of textiles and its allied products like yarns, fabrics etc, posted revenues of $4.27 billion in the first seven months of this year compared to $3.67 billion in the same period in 2007 to record an amazing 16.3 percent growth and garner a share of 27.6 percent of all shipments from the sector.
Leather and its products posted export revenues of $731.43 million corresponding to $629.59 million to generate growth rates comparable with that of textiles. Carpet was one sector which also delivered growth rate at an astonishing 29.3 percent.
Shipments from the sector in the period under consideration grew to $637.69 million from $493.28 million. Leather and carpets contributed 4.7 and 4.1 percent respectively to the export basket from the industry.
At the same time for the month of July'08, total figures of exports from the sector rose to $2.30 billion from $2.14 billion in July'07 to post a growth of 7.64 percent.
Comparable figures of exports of RMG are $1.51 billion and $1.43 billion for a growth of 5.1 percent, textiles $569.79 million and $498.61 million, Leather $129.79 million and $123.70 million and finally carpets grew to $94.82 million from $81.71 million, corresponding to the months of July'08 and July'07.
Textiles, leather and carpets registered growth figures of 14.3, 4.9 and 16.1 percent respectively for the period under preview.
The overall industrial exports, encompassing all products, rose from $51.07 billion in the first seven months of the previous year to $70.15 billion of the corresponding period of the current year to witness a growth of a flabbergasting 37.4 percent.
Looking at the exponential pace of growth, the textile and garment sector is all set to crown itself in glory and very likely to cross the targets set for the year 2008.
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Fibre2fashion News Desk - India