2001 garment exports better than expected

Earnings from garments and textiles were much better-than-expected last year despite a general slowdown in demand from major buyers.

According to Garments and Textile Export Board (GTEB) executive director Felicitas Agoncillo-Reyes, earnings from garments performed four percent better than the original target of $2.85 billion with $2.974 billion in actual earnings for the whole of 2001.

However, compared with the previous year’s earnings, the 2001 export performance showed a decline of seven percent.

"The improved export figure last year was due to the reinstatement of orders in November," Agoncillo said.

"During President Arroyo’s US visit, she appealed to US buyers to maintain their orders," Reyes added.

She said the export figures for last year could have been higher were it not for the lag time in filling in the orders and exporting the shipments.

"With the November orders, the actual shipment would be made this year and would thus be counted for 2002," she explained.

For this year, the GTEB is expects a flat growth in garment exports as demand from major buyers remained weak.

Also, the stiff competition from other low cost producing countries is creating a dent on the country’s overall performance.