Garment exports up 6.5% in 1st 7 mos

Earnings from garments and textile exports rose by 6.5 percent to $1.7 billion in the first seven months of the year from $1.6 billion a year ago, the Garments and Textile Export Board reported yesterday.

The garments and textile group continues to account for the second largest export earning.

For July alone, the GTEB said, export receipts amounted to $309 million compared to the $271 million recorded in the same period last year.

The GTEB reported that apparel exports to both quota and non-quota countries are rising, hitting $279 million in July, or a 64 percent increase from $170 million a year ago.

Exports to quota countries posted a 7.68 percent increase to $1.5 billion in the first seven months of the year a year ago.

Exports to quota countries accounted for 88.66 percent of the country’s total garments and textile exports.

On the other hand, exports to non-quota countries slowed down slightly by 1.71 percent to $192.784 million this year from $196.137 million a year ago.

The GTEB said the first global market has bounced back from the scare brought about by the Middle East crisis and the SARS epidemic.

On the other hand, the GTEB admitted, non-apparel exports absorbed significant losses in both major and emerging markets.

Total export receipts in July, the GTEB said, amounted to only $17 million compared to $89 million last year, representing an 80 percent drop.

For the seven-month period, earnings fell by 28 percent from last year’s $174 million to $136 million.

The GTEB blamed the increased competition and the ongoing downward pressure on prices for the drop.

Textile export performance, the GTEB also reported, edged up by 45 percent to $82 million compared to $57 million posted over the same period last year.

The US remains the country’s major trade partner, accounting for 73.94 percent of total garments and textile exports which amounted to $1.257 billion.