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Greek textile & apparel sectors post poor performance

Jun '12
The textile and apparel sectors in Greece have performed poorly during the first three months of the current year.
In the textile sector, production declined by 22.7 percent year-on-year in January-March 2012 period. Similarly, overall sales dropped by 22.8 percent year-on-year, with sales in the domestic market dipping by 24.4 percent.
During the three-month period, textile exports from Greece fell by 15 percent year-on-year to €94.2 million, while textile imports slid by 20.3 percent to €114 million.
There was a 27 percent drop in new orders for textiles during the period under review.
The only consolation in the textile sector performance was cotton exports, which grew by 162 percent year-on-year to €148 million.
In the apparel sector, the overall sales dipped by 16.6 percent year-on-year during the first quarter of the current year, with domestic sales falling by 17.9 percent.
Garment production witnessed a decline of 16.5 percent y-o-y during the quarter. 
In the domestic market, retail sales of apparel contracted by 21.7 percent y-o-y, while new orders dipped 18.8 percent.
Clothing exports from Greece declined by 12.4 percent y-o-y to €131 million during the quarter, while imports dropped 9.2 percent to €374 million.
Since 2007, Greece apparel market is estimated to have contracted by about 50 percent from €7 billion to €3.5 billion at present.

Fibre2fashion News Desk - India

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