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Textile industry posts dip in export earnings
17 Sep '08
1 min read
Impacted by higher NT yuan and raw material prices, the amount of foreign exchange earnings of Taiwan textile industry amounted to US $4.33 billion in the first half of this year, down 3.3 percent from the same time last year.
The annual export value of Taiwan textile industry is targeted to reach US $11.6 billion this year, mainly driven by the growth of weaving sector.
However, with soaring prices of raw materials coupled with sub-prime credit crisis in the US, buyers have taken a conservative attitude and even the business challenges faced by the textile industry is greater than in the previous years.
In striking contrast to this were the imports that showed a sharp gain of 6.8 percent, mainly driven by import surge of garment and cloth products.
The annual export value of Taiwan textile industry is targeted to reach US $11.6 billion this year, mainly driven by the growth of weaving sector.
However, with soaring prices of raw materials coupled with sub-prime credit crisis in the US, buyers have taken a conservative attitude and even the business challenges faced by the textile industry is greater than in the previous years.
In striking contrast to this were the imports that showed a sharp gain of 6.8 percent, mainly driven by import surge of garment and cloth products.
Fibre2fashion News Desk - China
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