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Home / Knowledge / News / Textiles / API predicts growth in 2009 amid global economic downturn

API predicts growth in 2009 amid global economic downturn

18
Nov '08

Association of Indonesian Textile Producers (API) recently forecasted that textile exports turnover of the country in 2009 will maintain its growth regardless of global economic downturn. Focusing on new export markets will help them gain such success.

At a recently held seminar, Mr Benny Soetrisno, Chairman of API predicted that its exports would enjoy an annual growth of 2.6 percent in 2009 with shipments of around 2.06 million tons of products.

Explaining reason for such forecast, Mr Soetrisno said that textile exports would suffer decline at its three traditional and biggest markets the US, EU and Japan. However, observing the demand structure in countries like Cambodia, Laos, Hong Kong, Taiwan Myanmar, Thailand, Malaysia, and the Philippines, it is expected that export will see a sharp rise.

Besides, the API and local Government are seeking solutions to exploit the Indonesian local market which saw a significant growth from 888,000 tons in 2001 to 1.22 million tons in 2007.

In the current fiscal, the textile industry of Indonesia has set a target to produce 2.01 million tons of products, up by 7.45 percent compared to the total volume in 2007.

Fibre2fashion News Desk - Vietnam

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