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Textile & garment exports likely to cross targets
26
Sep '08
Indonesia is considered a major player in the globe in the field of textiles and garments. Although growth rates are albeit; a bit slow still the sector provides tough competition to other countries in the world market.

Indonesian textile and garment exports stood eight from amongst top ten exporting countries in the world in 2007.

The biggest plus point in favour of the Indonesian textile and garment industry is the level of self sufficiency created over the last few years in their requirement of raw materials for each and every processing stage and value chain in the industry.

The positive trade balance of the sector is a pointer to the fact. Trade balance in 2005 stood at US $4.78 billion, in 2006 $5.36 billion and in 2007 it was $5.52 billion. For the first half of 2008, though off course it has fallen to $2.38 billion from $2.64 billion in the corresponding period of 2007 but on the positive side.

Exports beginning from 2005 are also growing, but not at the scorching pace set by its other Asian counterparts like Vietnam, Bangladesh and India and not to forget China. Shipments for the full year of 2005 grew from $8.35 billion to $9.37 billion in 2006 and then rose to $9.76 billion in 2007.

When considering export and figures of 2008, imports have grown at an unprecedented pace in comparison to exports. While imports grew from $4.83 billion in the first six months of 2007 to $5.11 billion in the same period of 2008 to post a gain of 5.87 percent, imports on the other hand skyrocketed from $2.18 billion to $2.72 billion to garner a growth of 24.70 percent in the same period.

The highest growth in exports came in the month of February 2008 when it stood at $857 million vis-à-vis $737 million in the same month of 2007 to record a growth of an impressive 16.25 percent.

Likewise the month of January'08 registered the highest growth in imports in which it moved to $859 million in comparison to $808 million in January'07 resulting in a growth of a mind boggling 34.21 percent.

The Indonesian textile and garment industry will have to do a lot more than what has been achieved in the previous years since the global economic environment has changed drastically since the beginning of 2008.

Secondly smaller countries like Bangladesh, Vietnam and Sri Lanka have set ambitious targets for this year which will help their exports to reach the next levels of growth.

Indonesia has targeted an export turnover of $11 billion in the current year. Considering that it has reached $5.11 billion in the first half of 2008, the sector will have to vastly quicken its pace of exports if it is to achieve the goal.

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Fibre2fashion News Desk - India


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