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Rising NT $ - Key issue for fabric exporters
20
Aug '08
Appreciation of New Taiwan Dollar (NT$) has adversely affected the overall export of Taiwan, especially that of textile industry.

It has been noted that textile industry has always had major share in the overall exports of the country, making it a strong foreign currency earner.

Among textiles, fabrics account for more than 60 percent of the industry's exports, while yarn and finished clothes make up 2 and 1 percent, respectively. Thus, fabric is a major sector for textiles.

Now with slow-down in the US economy as well as rising raw-material and oil costs, fabric manufacturers are suffering considerable losses.

However, majority of traders believe that strengthening of NT$ has affected them the most. This has raised product costs, forcing the US and the EU clients to seek new supplier countries.

Exporters said that many of their orders are now being snatched by Bangladesh, Indonesia and such South Asian nations which offer cheaper rates.

Sources say that lately orders from its top three fabric markets, namely Hong Kong, Vietnam and China Mainland, are also shrinking. These countries together made up almost 50 percent of the total fabric export value

According to the statistics, the export value of Taiwan's textile industry in 1997 was the highest, reaching US $16.6 billion. Since 1998, the export value began to go down, gradually.

Experts estimate that the export value of Taiwan's textile industry, this year, will be only around $12 billion.

Fibre2fashion News Desk - China

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