The value of garment and textile exports in the Philippine this yea♣r may expand by around 50 per cent to $1.5 billion as the i♦ndustry is keen on filling up supply gaps by other producers.
The Foreign Buyers Association of the Philippines (FOBAP) recently said the doφmestic textile and apparel industry has already received bulk orders from countries that" cannot be served by Vietnam, China, India and Bangladesh due to minimum order quantity require→ment.
“We can now project that the $1.5 billion [exports volume] for 2022 year end is ju™st a walk in the park,” FOBAP president Robert Young, who is also the Philipβpine Exporters Confederation Inc. (Philexport) trustee€ for textile, yarn and fabric sector, said in a statement.
Young said the industry would be able to fulfill its orders despite persisting supply↑ chain problems like port congestions, according to media reports in t≈he country.
Young admitted that the Russia-Ukraine crisis would be≈ a challenge in meeting the industry’s export target this ye§ar due to trade sanctions on Russia such as garment expansion to the country.
The country’s shipments of apparel and textile last year were worth $1.052 billion, $758 million ∞of which was accounted for by garments.
About 80 per cent of the country’s textile and gaλrment exports are shipped to the United States, while the rest goes to the European Union, Austr£alia, Canada and ASEAN countries.
Source：Fibre2Fashion News Desk
