Textiles closing export gap with S. Korea: federation
Taiwan’s textile industry is narrowing the gap with South Korea this year thanks partly to its export penetration in ASEAN nations, according to the Taiwan Textile Federation ( ).
The net export performance of Taiwan’s textile industry has historically lagged behind South Korea’s, according to the federation’s records.
South Korea created exports of US$15.9 billion in 2014, US$4.3 billion over the export value of Taiwanese textile firms.
But by the end of 2015, Taiwan may have narrowed its gap with South Korea to less than US$3 billion, the Taiwan Textile Federation reported on Aug. 5.
South Korea’s textile exports are weathering this year’s global economic downturn less well, particularly in the ASEAN nations, where the country suffered a 6.4-percent drop in the first half of this year.
In the same period, Taiwan’s exports to ASEAN nations grew by 5.1 percent, according to the federation.
Data indicates that Taiwan and South Korea’s textile industries have not fully recovered from China’s industrial restructuring and the global economic downturn, which has weakened textiles demand in the European Union.
Exports were in recession in the first half of the year, with South Korea’s performance declining by 10 percent and Taiwan’s by 3.6 percent.
Despite an overall decline, local textile companies posted a 1.5-percent gain in fabrics exports, the federation said.