Financial crisis will affect Laos textile industry

According to Laos’ “Economic and Social News”, Ansi Busongsa, president of the Laos Textile Industry Association, said in an interview that the Laos textile industry will be affected by the financial crisis in 2009, on the grounds that Laos textiles are mainly exported to the United States and Europe. , Japan and other places. Data show that Laos’ textile exports in 2007 amounted to US$157 million, of which 15% and 80% were exported to the United States and Europe respectively. The export value in the first six months of 2008 was approximately US$80 million, and the export value in the first nine months was approximately US$100 million. It is expected that export growth throughout the year will show a downward trend, and 2009 will be further affected.