’08 textile exports to continue rise

South Korea’s textile exports are expected to edge up for the second consecutive year in 2008 on increased shipments of value-added goods and diversified overseas markets, the government and industry sources said yesterday.
The Ministry of Commerce, Industry and Energy as well as business representatives said at a meeting in Seoul that despite concerns over a slowdown in the global economy, exports of textiles and clothing may gain 1.6 percent on-year to $13.8 billion by the year’s end.
The figure is roughly 3.3 percent of the $415.0 billion in exports expected by the government by the end of December. Exports of high-quality chemical fibers and knitwear are expected to rise following the previous year’s gains, while steady demand from Southeast Asian countries may help boost exports.
Textile exports peaked at $18.9 billion in 2000, but steadily lost ground in the following years. However, they rebounded in 2007 with the figure reaching $13.5 billion, a gain of 2.3 percent from the previous year.
Textile industry leaders, meanwhile, asked the government to push for ratification of the free trade agreement with the United States that could help exports to the world’s largest market. Yonhap