Garment export revenues continued to drop in the month of July making it three months of falling exports.
July export data from the Joint Apparel Association Forum shows that total export earnings dropped by 18.1% in July 2009 compared to July 2008. Export incomes from the US decreased by 29.4% and export earnings from the EU decreased by 8.7% this July compared to last year.
Total export earnings from the first seven months of the year decreased by 5.3% compared to last year. However, while export incomes from the US dropped by a large 27.1% over the seven months of January to July, export incomes from the EU recorded a slight growth of 1.8%, compared to last year.
Garment export earnings have been fluctuating this year but have now been dropping for three months since May. Garment factories say prices and quantities of orders have reduced due to the global recession.
However, garment factories are expecting a turnaround later this year, through export orders for winter. Garment factories are also preparing for slower export growth into the EU from next year if the GSP Plus facility is withdrawn. |
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