Rising koruna to affect textile exports

10 Dec '07

2 min read

Textile industry in Slovakia has been plagued with several problems like growing cheap imports and rising cost of production in the country. Strengthening of Slovak koruna has is affecting the export profits in the country.

Ambassador of the East EU, Alexander Ilascik, inaugurated the Indo-Slovak Chamber of Commerce and Industry in Chennai, last week.

"India is one of the most important trade partners of the Slovak Republic. Our developed metallurgical, engineering, pharmaceutical and chemical industries offer many more possibilities for cooperation with Indian enterprises," he said.

Ambassador stressed that bilateral trade between India and Slovak Republic is likely to touch US $200 million for 2007 from $124 million in 2006. The trade is expected to double to $400 million by the end of next year.

In October, Government also took steps to enhance trade with Ethiopia.

GDP growth of over 6 percent is expected in the Slovak economy in 2007, with investments being the key factor

Production of textile and clothing industry has increased by 3.3 percent in 2006 in comparison to 2005.

Almost 83 percent of the Slovak textile and clothing industry production is exported. EU countries are the most important customers (95 percent share on total export); Germany 33 percent, Italy 19 percent, Czech Republic 13 percent, Austria 9 percent.

Main exported products are woven garment (41 percent), knitted garment (21 percent), other clothing (6 percent). Garment export on total textile and clothing export is 65 percent.

More Textiles News - Slovakia...