-Peruvian garment exports increased by %, but the overall export prospects are not optimistic
Pedro Gamio Palacio, Chairman of the Garment Committee of the Peruvian Exporters Association (ADEX), recently stated that from January to February this year, Peruvian garment exports increased by 20% and have not yet returned to pre-crisis levels. Due to the complex international economic environment, there is no guarantee that clothing exports will maintain growth throughout the year.
ADEX trade data shows that from January to February this year, Peruvian clothing exports were US$221.5 million, an increase of 20% from the same period in 2011 (US$184.5 million), but still 3% less than the same period in 2008 before the financial crisis (US$228.1 million). President Pedro said, “While the figures are encouraging, they should be viewed with caution, as the growth achieved is mainly due to increased exports to the Venezuelan and Brazilian markets, while our exports to major destinations such as the United States, Germany, Italy and the United Kingdom are “Exports from other countries are declining.” He believes that due to the financial and economic crisis that will affect EU countries and the slow economic growth in the United States, the export results for the whole year will not be as encouraging as in February.
In the first two months of this year, Peru’s clothing export market reached 67 countries, of which the United States was the largest market. Exports to the United States were US$105.9 million, accounting for 54% of its total clothing exports, 4% less than the same period last year (US$1.242 million). The second largest market is Venezuela, with exports reaching US$67.8 million in the first two months of 2008 and US$47.7 million in the first two months of this year. The Brazilian market is growing. In the first two months of 2008, Peruvian exports to Brazil were only US$745,000, but from January to February this year, they reached US$11.8 million, an increase of 1,491%. Another market showing an upward trend is Argentina. From January to February 2008, Peru’s clothing exports to Argentina were only US$1.5 million. In the same period this year, they reached US$7 million. In the first two months of this year, Peru’s exports to EU countries such as Germany (-9%), Italy (-37%) and the United Kingdom (-36%) dropped significantly. In addition, exports to France and Spain were only 2008 60-70% of the same period last year.
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