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Economic turmoil leads to slump in apparel industry exports

15
Oct '08
The global economic turmoil has started taking its toll on exports from a lot of countries. Companies are going through a depressive phase due to a slump in orders and growth rates achieved in preceding years are a thing of the past.

Myanmar is one of the countries to be affected by the crisis. The vital apparel industry will be sharply affected leading to closures since fresh orders have come down due to the continued global crisis.

Mr. Myint Soe, Chairman of Myanmar Garment Manufacturers Association said “Orders for new consignments have gone down and we expect the situation to turn more severe in December. The well being of the industry is dependent on global orders. A fall in orders could lead to closures and lay offs”

He added “After the US imposed sanctions in 2003; the textile industry experienced a downturn, but two years later, after the European Union imposed restrictions on imports from China, Myanmar's apparel industry rebounded along with that of South-East Asian countries.”

He said that the industry had suffered another set back a year earlier, when South Africa's biggest clothing retailer cancelled orders, due to the government crackdown on anti-government protests in September 2007.

Myanmar exports 30 percent of its garment shipments to Japan, another 30 percent to the EU and the rest to other countries in Latin America, Africa and other countries.

The country earned US $282 million from its exports of garments in fiscal 2007-08.

Fibre2fashion News Desk - India


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