Related Keywords: API, during the slowdown of global eonomy, falling to compete with Vietnam, FTA, hit a low, hope for better future, IMF, Indonesian textile industry, many textile firms bankrupt, production costs spiral, sales dwindle, TPP
Indonesian textile industry is one of the many sectors that have hit a low during the slowdown of the global economy. As Indonesia is failing to compete with Vietnam, many textile firms in Indonesia are becoming bankrupt as production costs spiral and sales dwindle. But the industry still has hope for a better future.
Vietnam outshines Indonesia in this sector as they has already joined the Trans-Pacific Partnership (TPP) and completed negotiations for a free trade agreement (FTA) with the European Union. Indonesia, meanwhile, will not be joining the TTP for another two years.
