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Closure of 10 units mires garment sales

08
Aug '06
Garment sales have fallen by 24.6 percent to US $146 million during the 10 months of current fiscal in Northern Marianas compared with same period previous year because of the closure of 10 units since January, 2005.

The sales figures for the period between October 2005 and July 2006 were $448.6 million against the $595 million it attained for the previous fiscal.

Slide is expected to continue unless the US Congress changes its tariff code to allow Saipan garment units to use imported raw materials for their garment products specifically made for USA, informed the Fitial administration.

Slide in sales has resulted in decrease of taxes paid by the garment enterprises to the Government.


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