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Textile sector to exceed growth target for this year
04 Feb '11
2 min read
Backed by the stabilization in the domestic markets and expansion into new markets, the textile industry of Mauritius which sources the leading European chains is looking forward to achieve a growth rate of two percent this year.
The industry which constitutes 6.5 percent of the nation's gross domestic production and contributes 11 percent of the overall employment in the country, registered a meagre growth of 0.7 percent last year, all because of the global economic slump.
As the conventional domestic markets are stabilizing now after the slump and with expansion in the newer markets, the sector is expected to exceed the growth target of two percent set by the government for the current year. Also, the political instability and unrest prevailing in countries like Egypt and Tunisia is going to benefit Mauritius as the importers would be hunting for alternative sources for imports.
The Asian countries are now considering expansion in the markets other than those in the euro zone, so as to safeguard themselves from the disturbances in other parts of the world. However, the conditions are not as worse for the textile sector as they were during last year, but then there are chances of further increase in the prices of cotton and interest rates which may weaken the competitiveness of the sector.
The industry which constitutes 6.5 percent of the nation's gross domestic production and contributes 11 percent of the overall employment in the country, registered a meagre growth of 0.7 percent last year, all because of the global economic slump.
As the conventional domestic markets are stabilizing now after the slump and with expansion in the newer markets, the sector is expected to exceed the growth target of two percent set by the government for the current year. Also, the political instability and unrest prevailing in countries like Egypt and Tunisia is going to benefit Mauritius as the importers would be hunting for alternative sources for imports.
The Asian countries are now considering expansion in the markets other than those in the euro zone, so as to safeguard themselves from the disturbances in other parts of the world. However, the conditions are not as worse for the textile sector as they were during last year, but then there are chances of further increase in the prices of cotton and interest rates which may weaken the competitiveness of the sector.
Fibre2fashion News Desk - India
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