Home / Knowledge / News / Textiles / Textile & garment sector maintains upward trend amidst all odds
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.

Must ReadView All

Textiles | On 2nd Dec 2016

Indian currency crisis impacts global cotton market

The currency crisis in India, marked by insufficient supply of new...

Huang Wei from Fiber Raw Material Dept of Sinopec Chemical Commercial Holding speaking at the Forum

Textiles | On 2nd Dec 2016

Huge potential for nylon consumption: Experts

There is huge potential for increase in nylon consumption said...

Apparel/Garments | On 2nd Dec 2016

Aditya Birla Group to establish apparel unit in Odisha

Aditya Birla Retail and Fashion Ltd. (ABFRL) is establishing a new...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search