Africa: Textile sector benefits from US recession
The African textile industry is eyeing massive development opportunity in the US as consumers there are facing severe financial crisis, and are thus shifting to low cost zero duty imports from Africa rather than from other Asian countries, which don’t enjoy any duty concession iin their exports to US.
Egytex News Desk
Source: www.fibre2fashion.com
In accordance with the African Growth and Opportunity Act (AGOA) agreement, the effects of the global economic slump have rendered African textile imports, more cost competitive to US consumers.
The Kenyan textile industry is now witnessing the demand for textiles from India, China, and Sri Lanka moving to African countries which enjoy duty free access, and more so now, when the global cotton prices are touching life time highs.
Source: www.fibre2fashion.com
From the Egytex news archive, first published on 23 November 2010. Figures and names are as reported at the time.
