Ministry Of Industry: Textile Industry Is One Of The Sectors To Increase State Foreign Exchange

Photo: Doc. Antara

The Ministry of Industry (Kemenperin) said the textile and textile product (TPT) industry is one of the leading manufacturing sectors to increase foreign exchange and the national economy.

Acting (Plt) Director General of Chemical, Pharmaceutical, and Textile Industries (IKFT) of the Ministry of Industry, Taufiek Bawazier, in West Bandung Regency, West Java, Tuesday, May 21, said the reason the TPT sector became a leading industry was because the contribution generated from the textile product had increased compared to last year. His party noted that in the first quarter of 2024, the textile industry began to show significant performance improvements. This can be seen from gross domestic product (GDP) experiencing growth of 2.64 percent on an annual basis (year on year/yoy). "Quartal to Quartal experienced an increase of 5.92 percent compared to the fourth quarter of 2023 which experienced a contraction of minus 1.15 percent," he said, quoted from Antara. He further said, TPT sector exports also experienced an increase of 0.19 percent or 2.95 billion US dollars in the first quarter of 2024, whereas in that period the global market situation was still uncertain by geopolitical uncertainty. Meanwhile, textile industry realization experienced an increase for investment in foreign investment (PMA) of 70.2 percent with an investment value of 194.3 billion US dollars.

Previously, the Ministry of Industry (Kemenperin) released exports of textile fabric products produced by a company from West Java, namely PT Mahugi Jaya Sejahtera, with a transaction value of 350 thousand US dollars. The export indicates an annual sales commitment of 5 million meters from related companies, as well as opening up Indonesia's non-traditional market to countries in the central eastern region. Meanwhile, the national garment and textile markets in the central eastern country are expected to continue to grow significantly for the next 5 years, with an annual growth projection of 7 percent which has a fashion market value of 89 billion US dollars.