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Bulgaria's textile industry expects severe blow by global financial crisis

Date: 05.12.2008

Bulgaria's textile industry expects a 30-35% decrease of export orders from Europe in the first half of 2009 because of the effects of the global financial crisis.

The news was announced by Valeriya Zhekova, the Chair of the Governing Board of the Bulgarian Association of Producers and Exporters of Clothes and Textile, during Wednesday's conference on the perspectives of the textile industry and the effects of the global financial crisis.

According to Zhekova, the one-third reduction in export order would lead to the sacking of one-third of the workers in the textile industry, which employs about 145 000 persons in the whole country.

The Association's data shows that 90% of Bulgaria's textile production is destined for exports. Over 3 000 Bulgarian firms work in the sector.

One textile factory in the northern city of Pleven has already gone bankrupt as it loss its foreign clients. Another one will be closed in the northwest city of Vidin for the same reason. 150 workers will be laid off from the closure of the two plants.

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