Textile production in Nicaraguan Free Zones drop
Income from textile exports dropped in August 2008 compared to the same month in 2007, from %96.5 million to $74.5 million this year.
Tuesday, October 21, 2008
According to data from the National Free Zone Commission, the reduction in exports reveals that the crisis in the textile and manufacturing sector runs deep and is also affected by the financial shock and recession experienced by the US economy.
Sector entrepreneurs are focused on increasing the added value of the garments to offset the fall in demand abroad.
A bill that is being analyzed by the U.S. Congress aims to reduce the level of tariff preference to only 6% of imports from Nicaraguan textile factories.
Despite the slowdown, the country's growth in textile sales abroad is still the second fastest in the Central American region.
In the first quarter of 2010 the country exported 11.75% more textile goods than in the same period of 2009.
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