While the global textile and clothing manufacturing and export sector is going through a period of acute stress, the industry in Mauritius is sitting pretty tight, due to the steady depreciation of the local currency against the US dollar.
Industry experts say that the sector which was in throes of a crisis in the last year, due to high raw material prices and an appreciating currency, is in a jubilant mood due to the depreciating currency which has enabled them to face the crisis.
They also add by saying that the textile and garment sector is emerging in a better shape in the first half and are very optimistic about the prospects of the sector which supplies clothing to high end stores in the US and EU markets.
After the unveiling of the economic crisis, in the second half of 2008, the Mauritian government announced a $300 million stimulus package for the export sector, which helped in staving off a large number of job losses in the garment sector.
Despite falling orders and per unit prices, the Mauritian garment sector is in a comfortable position and expects to do even better in the second half and this at a time when their Asian competitors are staring at negative growth rates.
Fibre2fashion News Desk - India
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