Brazil Anticipated a Three Percent Rise in The Nation'S GDP

Anticipating a three percent rise in the nation’s GDP, Brazil’s textile and garment industry is expecting a two percent rise in its production during the current year.
 
Talking to media, President of the Brazilian Textile and Apparel Industry Association (ABIT), Aguinaldo Diniz Filho said the industry’s performance is expected to improve this year, as compared to last year when textile production declined by 4.6 percent year-on-year, while garment output slumped by 10.5 percent during January to November.
 
However, he said the sector is expected to make around US$ 53 billion in revenues this year, compared to last year’s US$ 56.7 billion, partly due to weakening of local currency in terms of US dollar.
 
Brazilian garment sector consists of around 30,000 firms that produce around 9.5 million pieces per annum. The sector is the second largest employment generator in the country and fourth biggest exporter globally.
 
Stating that the country imports 23 percent of its overall garment consumption, Mr. Filho said the industry is not opposed to imports, but is against large-scale imports.
 
Asia, particularly China, accounts for around 60 percent of the country’s overall garment imports, he said.
 
According to experts, Brazil needs to reduce high cost of labour, improve its infrastructure and reduce hurdles in extending credit facilities, so as to tap a larger share of the global market.