KOREA: 2003 Apparel Exports To Hit 13-Year Low
Korea's apparel and textile exports have fallen by 3 per cent in the first 10 months of this year, leading industry sources to forecast that 2003 will sink to a 13-year low.
The Korea Federation of Textile Industries reports that apparel exports for the year to October dropped to $12.7 billion from $15.6 billion last year.
The full-year total is expected to be $15.2 billion.
Experts said the decrease in exports is largely due to the exodus of local manufacturers to China, and the increasing dominance of Chinese goods in the United States and Middle East.
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