Home / Knowledge / News / Textiles / Lesotho textile sector frayed by currency volatility

Lesotho textile sector frayed by currency volatility

23
May '12
Despite being a small African landlocked country, Lesotho has been able to build a good textile industry in the country, thanks to the duty-free access to US markets under the African Growth and Opportunity Act (AGOA).

Currently, the textile sector is the number-one employer in Lesotho which has a population of just two million.

However, the Lesotho textile sector has been deeply affected by the European debt-crisis, as its currency – Loti is facing highly volatility, since it is pegged with the South African Rand, which too has undergone high instability in recent months.

Lesotho exports 80 percent of its textile produce to the US and since the rand has fallen as much as 7-8 percent against the US dollar this year, it is becoming very difficult for the textile industry to manage.

The Rand had lost 15 percent against the US dollar in 2011, but regained more than half of that in 2012, but again slipped by 7-8 percent in the last few days.

Fibre2fashion News Desk - India


Must ReadView All

Pic: Shutterstock

Textiles | On 5th Aug 2021

US manufacturing activity grows in Jul; textile mills report fall: ISM

Economic activity in the US manufacturing sector grew in July, with...

Pic: Shutterstock

Textiles | On 5th Aug 2021

UK inflation to hit 3.9% in early 2022, 2% in 2023, predicts NIESR

UK consumer price inflation will reach 3.9 per cent early next year,...

Pic: Shutterstock

Retail | On 5th Aug 2021

Walmart again ranked largest firm by revenue, Amazon 3rd: Fortune

Walmart has been again ranked the largest company in the world by...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Main challenges are breakdown of supply chain and shrinkage of manpower

Textile Industry, Head honchos

Textile Industry
Head honchos

Blockchains will be in heavy use by early adopters by 2025

Textile Industry, Head honchos

Textile Industry
Head honchos

Multi-functional garments will be next big thing

Richard Armitage,

Richard Armitage

Adaptive Control automates, controls and monitors machines, systems and...

Chendhuran Sundar,

Chendhuran Sundar

It manufactures and retails menswear garments in India under the brand...

Rajesh Vohra,

Rajesh Vohra

A part of the Italy based multinational company Artsana Group, Chicco is...

Ian Russell, Pireta

Ian Russell
Pireta

UK-based Pireta has developed a unique free-form process to add durable,...

Sanjay Raut, Garware Technical Fibres Ltd

Sanjay Raut
Garware Technical Fibres Ltd

Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd) is a...

Michaela Griggs & Peggy Schulz, Barco Uniforms

Michaela Griggs & Peggy Schulz
Barco Uniforms

Founded in 1929, Barco Uniforms started as an apparel company for beauty...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

Ruma Devi is a jet-setting promoter of artisans who has empowered...

Archana Jaju, Label Archana Jaju

Archana Jaju
Label Archana Jaju

<b>Archana Jaju</b>’s Hyderabad-based eponymous label works with artisans...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Anjali Bhaskar has an experience of 12 years in the fashion industry. She...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search