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Closure of garment factories affects seaport revenue

16
Mar '07
With the closure of a major garment factories, Saipan seaport will be losing $1 million direct wharfage revenue annually.

The $1 million projected decline from the garment sector reflects 16 percent of the seaport's annual budget.

Saipan seaport manager Lee Cabrera reported that in the first five months of fiscal year 2007 ending on February 28, the outbound garment cargo that is export products-ready-to-wear apparel items-manufactured by local factories dropped by 24 percent.

Inbound cargo consists of raw garment material, also went down by 16 percent from October 2006 to February 2007.

For outbound cargoes, the revenue went down from 33,262 tons to 25,392 during October 2006 to February 2007.

Seaport data shows that during the first five months inbound cargo for garment decreased to 30,764 revenue tons from 40,044 revenue tons.


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