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Sneak peak into the working space for tailors at PT Sri Rejeki Isman Tbk. (Image via: CNBC Indonesia)
Indonesian Textile Industry Soars Above US-China Trade Wars
While the world’s economy and companies are shivering due to the trade wars between US and China, Indonesian’s textile company is currently having a good time amid the wars.Indonesian textile company located in Solo, Central Java, PT Sri Rejeki Isman Tbk. (SRITEX), enjoyed a sales surge of its product to US, the country currently warring its products against China.
Just at the end of the 1st quarter of 2019, SRITEX’s sale grew double from US$9.4 million to US$20.7 million, noting about 7% of sales. During 2018, SRITEX only pocketed around US$58 million. This year, SRITEX targeted 62% - 65% of growth in export productions, and they have reached 60% by the 1st quarter.
The surge was allegedly due to trade wars’ policy that only cover the non-textile field.
The surge was all part of a goal set by SRITEX to go as far as US$25 million – US$30 million, by the end of 2019. Sales secretary of SRITEX, Welly Saham, stated that the target was not that different compared to 2018.
Despite the big number, SRITEX’s sales to USA is still smaller compared to their sales to Indonesian domestic market (40%), Asia (37%), and Europe (9%). However, we should be proud, since 7% is on par with the sales percentage from United Arab Emirates (UAE) Union, Japan, and Australia.
Not only America, SRITEX also aims to encourage their sales and exports to Europe and Africa, by building on the cooperation between governments of 2 countries.
SRITEX has been one of the major suppliers for Disney and Walmart in form of ready-to-wear apparel and yarn.
Source: https://www.cnnindonesia.com/ekonomi/20190619111415-92-404554/as-china-perang-dagang-produsen-tekstil-ri-malah-raup-cuan
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