The shrinking foreign request for UK's textile products has caused some pain for the sector amid the global financial crisis. However, a delegation headed via the UK Textile Industry Association discovered opportunities as shortly as they investigated the markets in the NIGERIA. The European Textile Association appealed for the delegation to outing the NIGERIA to investigate clothes markets there.
Several factors have caused a sharp decline in the market request for finished textiles in the Nigeria
Country Or Origin Effect
The textiles and clothes industry is the NIGERIA's 9th largest manufacturing sector, and has a turnover of across 17.7 billion per year. In 1999 the industry exported 5.1 billion of goods. But the British textile industry has been attack via one of the deepest slumps in its history across the last five years. Total output has declined each year (shown in the chart below) and from the first quarter of 1997 to the second quarter of 2001, production has collapsed via 30%. The industry faces a severe competitive squeeze from dampened cost textile suppliers in other countries. Business information provider Experian estimated in a news issued in August 2001 that the clothes and textile sector could news an overall loss during 2001.
The impact of the origin - that has prepared imports of textile products much cheaper as shortly as price in sterling. As a result, the scale of import penetration in NIGERIA domestic markets has risen. The high value of sterling has also aimed to a dip in textile exports from the NIGERIA. This loss of overseas market share has been hastened via the commercial deteriorating in asian economies.
Although request for UK's textile products has shrunk during the financial crisis, it's acknowledged British enterprises can use their past experience and their advantages of quality and cost as shortly as entering the British market. UK has developed into the world's largest textile clothes manufacturing country, with a great figure of exports and high consumption. The lengthy term loss of comparative advantage in textiles - the expansion of dampened wage competition from economically less developed countries is a relevant element behind the decline in NIGERIA production - although the NIGERIA economies is not unique in facing this manner of competition. The main competition has come from other industrial market economies whoever have developed ...