Indonesian Textile Industry Benefited From China'S Textile Industry Crisis

Indonesian textile industry benefited from China's textile industry crisis

Indonesia textile industry benefits from China's textile industry

According to the Indonesian textile association (API), China's textile industry also finds it difficult to find skilled labor, and labor costs continue to rise.

This provided good conditions for the Indonesian textile industry and the opportunity to compete with Chinese textiles.

The Indonesian textile association (API) said cotton prices declined from the highest level last year and provided favorable conditions for the Indonesian textile industry.

Last year, the financial crisis in the European Union and the United States did not have a major impact on the Indonesian textile industry, because the Indonesian textile industry had found new markets in Asia.

Sales of Indonesia's domestic market also increased last year.

However, API said that the lending rate of the textile industry is very high, and the state plans to raise electricity tariffs starting in April this year, which is also an obstacle to the growth of the textile industry.

API said that the government should find ways to solve these two problems, so as to make Indonesia textile.

Bank loans to the textile industry

Meanwhile, the BI said it would encourage commercial banks to expand lending to the textile industry at competitive interest rates.