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Asian textile enterprises add to woes of local companies
Aug '09
Overall sales from the textile and apparel sector in Czech Republic fell to Kc 46 billion in 2008, a drop of 16.4 percent, the worst since 1997.

Nearly 19 out of the 24 big and major textile enterprises reported drop in sales and profits. Only a few accessory manufacturers posted a rise in sales.

The textile units have mainly been hampered by competitive prices quoted by Asian manufacturers like China, India, Bangladesh and Vietnam.

Experts also attribute negative sales to the strengthening of the domestic currency against the Euro and the dollar in the previous year.

This in turn contributed more to the drop in export revenue by clothing and textile enterprises than anything else, the experts add by saying.

Fibre2fashion News Desk - India

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