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APSyFI: The national textile industry is headed for a trade deficit, 2018 exports grow 1% and imports grow 14% (yoy).--IKATSI: The growth of the national textile industry is still hampered by floods of imports, Indonesia needs a clothing security law.


	
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Home arrow Latest News arrow Sritex Get Benefits from Trade War


				
			
			
Sritex Get Benefits from Trade War PDF Print E-mail
Written by Maizer   
Friday, 05 July 2019

For many years the world textile market, including fat market of the United States (US), has been controlled by Chinese producers. Later, suppliers from Vietnam continued to increase penetration.

 

However, producers from the two countries are like two sides of the same currency. Because, textile producers from Vietnam are generally company result from expansion of the textile giant from the Bamboo Curtain country.

 

However, the trade war that was beaten by the US against  China and the "hegemony" of its business in Vietnam had negative impact on textile producers from both countries. A well-known textile producer from Indonesia, PT Sri Rejeki Isman Tbk (SRIL), which has had a market base in the land of Uncle Sam, was responsive to pick up the business opportunity.

 

The company with the Clothing the world motto intensively approached the US buyers to divert orders to Indonesia. The results are positive. Order relocation occurs. In addition to old buyers who have been spreading demand from various producers, SRIL coded issuers have also attracted a number of new buyers.

 

Sritex's Corporate Secretary, Welly Salam, confirmed that the Sino-US trade war had successfully used company to increase exports. "In 2018 the portion of requests from the US increases from single digit to double digit. This increasing trend will continue in 2019, "Welly said.

 

The company which was founded in 1966 targets export sales to contribute around 58% -60% of total sales in 2019. If realized, the portion of exports will increase by around 4% from last year's position of around 56%.

 

Foresight to take advantage from opportunities of trade warfare has been reflected in company's performance during 2018. Last year's sales of Sritex were USD 1.03 billion, an increase of around 36% from 2017 amounting to USD 759.3 million. If released, the company's sales are equivalent to IDR 14.97 trillion, up from IDR 10.28 trillion.

 

Along with this increase, this integrated textile and garment producer managed to record a net profit growth of 32.84% from Rp 890.91 billion in 2017 to Rp 1.25 trillion in 2018. In the same period, the company also recorded asset growth of 22, 24% from IDR 16.16 trillion in 2017 to IDR 19.76 trillion in 2018.

 

 

 
		
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