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Textile & garment sector maintains upward trend amidst all odds
19
Sep '08
The textile and garment industry of Peru has played a vital role in the development of the country. This ever flourishing sector has given ample boost to the economy of the country with annual growth rate of almost 21.7 percent of exports in past six years.

The ample growth that has helped take exports to greater heights can be seen from the fact that, in 2002, Peru earned foreign currency worth only $526 million which has boosted to almost $1,390 million in 2007. This showcases a significant increase in growth of exports which was made possible due to preferential access granted by the ATPDEA regime. It provided an edge to Peruvian products over other competitors in the US market by releasing various garments from a 16 percent ad-valorem duty.

Major items that are in huge demand from the overseas buyers include cotton t-shirts and shirts and they maintain top most position in the list of non-traditional export products. As the textile and garment industry is labour intensive, a large section of population is associated with it. Statistics suggest that almost 7.5 million people depend directly or indirectly on the garment export industry.

With the passage of time US has emerged as an important market for Peruvian apparels. Last year more than 58 percent of the total export earnings came from the US and in the first six months of 2008, shipments to the US have fetched Peru $482 million of revenue.

Experts believe that, the current slowdown in the US economy will have its negative effect on the export earnings of the nation. Even China is giving tough competition to Peru by producing commodities at lower prices. However, there are other overseas markets like Canada and Mexico which can offer Peru a good opportunity for expanding its markets.

Industry insiders opine that by improving the quality of the products and bringing innovation in designs the industry can smoothly function and make its presence felt in new international markets for enhancing its exports of textile and garments.

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