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Korea:KCCI forecasts slowdown in textile sector sales |
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2005-3-18
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The Korea Chamber of Commerce and Industry (KCCI) announced Thursday that while electronics and machinery industries are likely to continue their favorable growth, textiles, semiconductor and automobile sectors in the second quarter will face a slowdown.
KCCI report forecasts specifically attributes slowdown in textile and auto sectors due to growing global competition, rising raw material costs and a possible glut in the second quarter from the previous quarter.
Second quarter prospects for textiles production (-6.7 percent) and exports (-4.7 percent) remain very grim, what with China and some countries like India, Pakistan and Bangladesh gobbling up major export segment of the world.
However, for textile goods the demand is forecast to grow marginally by 1.6 percent in the second quarter, snagged by a massive influx of cheap Chinese goods and high raw material prices.
First quarter production (-8.2 percent), domestic demand (-6.7 percent) and exports (-4.7 percent) of textile goods dwindled rapidly.
Forecast of machinery stands at a healthy figure of 11.1 percent while it is 8.7 percent for petrochemicals.
Production by the domestic electronics industry is expected to jump by 7.3 percent, with machinery rising by 6.5 percent, shipbuilding by 6.1 percent, petrochemical by 5.1 percent and oil refining by 0.5 percent. The steel industry is forecast to see a 1.1 percent drop in production in the second quarter.
Domestic demand of electronics and machinery products will rise by 8.3 percent over the next three months, while construction (2.9 percent), petrochemicals (1.1 percent) and oil refining (1.1 percent) will see slower growth rates. |
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