Argentina’s textiles industry is to invest $304m this year, matching last year’s levels, as it continues to expand and modernise its production facilities, according to trade group Fundacion Pro Tejer.
The investment is the second-biggest in the 2002-2010 period but still below the record $400m spent in 2007. “Capital import investments to expand and modernise our value chain are back at maximum levels,” Pro Tejer’s president Pedro Bergaglio said.
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First-half capital equipment imports grew 85% compared to 2009, with textiles buying $92m worth of machinery. The biggest investments were to streamline yarn and suit factories which spent 189% and 215% more than last year, Pro Tejer said.
Some 25% of the investment finance was provided by banks which are starting to return to Argentina following fresh efforts to pay down its international bond debt, it added.
Pro Tejer said production soared 24% in the first half and should continue to grow robustly the rest of the year amid improving export demand. It said nearly 40% of the country’s textiles and apparel producers have increased their headcount in recent months.
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