SPAIN: Domestic weakness hit 400 textiles firms last year
More than 400 Spanish textile and clothing firms went out of business last year with the loss of 7,000 jobs, according to new data.
The Centre d'Information du Textile et la Confection (CITYC) found the number of companies in the sector fell 4.6% to 8,471, while the size of the workforce shrunk 5.5% to 129,000.
The sector's difficulties focus largely on the slump in domestic consumption.
In contrast, the country's textile and clothing exports grew 12.3% to EUR11.7bn (US$16.29bn). Clothing exports alone rose 15.5% to over EUR8.3bn, and textile exports increased 5.2% to EUR3.37bn.
Spain's textile and clothing imports were up 5.1% to EUR14.2bn last year. Clothing imports were up 4.5% to EUR10.8bn.
This produced a negative trade balance of EUR2.4bn, but this was down more than 23% on the previous year.
- Slow fashion: a fast-growing opportunity?
- Rethink needed as low-cost labour options dwindle
- African apparel sector needs cooperation to thrive
- US retailers to face logistics issues into 2015
- New wage ladder lifts workers towards living wages
- Gap unveils management changes as Q3 profit rises
- Long-running SL Garment dispute settled
- Tazreen Fashions compensation agreement outlined
- Puma commits to 100% PFC removal
- US apparel prices continue to fall