Portuguese textile exports to hit €6Bn record
Exports of Portuguese textiles and clothing is on target to hit €6Bn by the end of 2022.
This compared to €5.4Bn (which was a record in itself) that was achieved at the end of 2022.
“We are growing by two digits, which means that we’re looking at the best year ever for exports”, said the President of the Clothing and Textiles Association (ATP), Mário Jorge Machado in an interview with Jornal Económico.
However, this year is clearly divided into two parts. In the first part exports were buoyant, as in 2021, but with the war negative factors have already begun to show such as increases in the price of raw materials and transport; the second half of this year has been less positive.
Mário Jorge Machado admits: “There has been a slowdown in orders which is likely to continue through 2023”.
The explanation is simple: the sector is extremely exposed to the final consumer, who when the time comes to cut costs, cuts down on retail clothing purchases.
The traditional Portuguese textile industry faces other problems, one of which is a lack of manpower. The workforces of many companies are nearing retirement age and it is difficult to attract young people to the industry, a problem that has become worse over the years.
Part of the success of Portugal’s textiles and clothing industry has been its high investment and added value production which is differential and sustainable. The ATP president says that Portuguese textiles are in the front line and Portugal’s production is now seen in overseas markets as good quality and based on the circular and sustainable economy in an area in which Portugal is seen as a pioneer.
Portugal’s main overseas markets continue to be Spain, France and now the United States, the latter seen as the most promising alternative market.