SOUTH KOREA: Good growth ahead for textile exports?
South Korean textile exports could grow by more than US$600m in three years following the recent US and China deal governing the latter's textile exports, according to a report by the Korea Institute for Industrial Economics and Trade.
The institute attributed the expected increase to a forecast $24.2bn drop in Chinese exports to South Korea within three years of the new quota system.
South Korea's share of the US textile market fell 1.1% to 1.7% from January to September this year, while China enjoyed a 9.5% increase to 23.3% following the end of global textile quotas in January.
However, China and the US signed a deal to restrict exports of 34 Chinese textile products earlier this month. The agreement is hoped to soften the blow of China's growing domination of the market for countries who fear their trade will suffer from the end of worldwide quotas.
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