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US recession restrains exporters from meeting targets

06
Nov '08
Ade Sudrajat, Deputy Chairman of API, in a recently held meeting showed his anxiety saying that due to US financial crisis, it will be difficult for Indonesia to achieve the set target of US $11 billion exports turnover.

The US market accounts for 40 percent of total textile and garment exports of Indonesia. However, there has been a decline since the middle of this year.

A recently released statistics from Indonesian Textile Association (API) show that textile and garment exports turnover of the country will complete US $10.6 billion by the year end, depicting a yearly growth of 2.9 percent.

Mr Ade Sudrajat also warns that the current financial crisis is quite different from the one in 1997 – 1998; therefore local enterprises shall prepare themselves enough, to face the situation with much difficulty.

The Deputy Chairman was concerned with the fact that over 120,000 workers will lose their jobs by January next year, because of decline in production and exports.

However, he affirms that the country will strive hard to maintain a positive export results in 2009.

Fibre2fashion News Desk - Vietnam


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