ECONOMY

Textile industry is experiencing a slight rebound

The Association of Hellenic Textile Industries (SEVK) confirmed indications of a rebound in the sector, based on data collected by European Union statistics agency Eurostat. The association’s meeting on Friday heard that the sector has seen all its indices post a considerable improvement over the last year: Textile product output has risen by 8.3 percent so far this year over the same period in 2009, against a 20 percent decline posted last year on an annual basis. Trade volume has also grown by 7.1 percent this year to date, compared with an 18 percent downturn recorded last year. The upswing registered is attributed to significant activity by traditional clients from European Union countries who in previous years had abandoned Greek industries, turning instead to imports from third countries to cover their needs. As a result, orders have grown by about 10 percent this year from a 17 percent decline in 2009, while exports have expanded by 10 to 12 percent.