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Imports of textiles & garment witness slide
07
Oct '08
The US, is by far the biggest buyer of textiles and apparels across the globe. Its buying capacity is such that the recessionary trends and sub prime crisis witnessed from the beginning of 2008 is sending shivers down the spine of major textile and garment exporting countries.

This is made all the more clear from the level of imports in to the US in 2008. Shipments of textiles and garment which had in the last few years posted a very good growth rate have now turned negative.

Figures for the first seven months of 2008 suggest that total imports of textiles and garments have slipped to US $52.76 billion from $54.41 billion in the corresponding months of 2008 to register a negative growth of 3.02 percent.

Although the negative growth rate is not too high, the situation is likely to worsen in the last few months of 2008 and in 2009 considering the economic turmoil witnessed in the last fortnight and it's after effects.

The biggest category of imports; apparels has dropped to $40.02 billion from $41.44 billion and that of textiles to $12.74 billion from $12.96 billion in the first seven months of 2008 and 2007 respectively, to register a negative growth of 3.43 and 1.71 percent respectively.

Fibre2fashion News Desk - India

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