Hyosung that plays a pivotal role in the economic growth of Korea, owns a reputable position in the international chemical fibre markets, boasting the world's best technology and largest capacity, leading the global market shares.
The global economic downturn has affected most of the industries across the world in a profound way. High inflation rate and slow industrial growth has left textile manufacturers in a state of misery.
Speaking to Fibre2fashion.com regarding ongoing situation of textile and apparel business, sources from Hyosung stated, “I think current situation is very difficult and nothing can be forecasted. Generally, textile industries are too much related with consumer’s economic situation. Especially, crisis from financial problem has influenced all business environment. So consumers are not willing to pay for clothing as before. In this point of view, textile industries will not be expended this year and it will depend on economy busting policy from US and EU.”
While discussing about the condition of the textile industry in the next couple of years, he said, “So far, I couldn’t see any thing visible changes. But, generally, spandex industries are growing every year about 4-6 percent. So in two year, the demand of spandex will grow more than 5 percent than now.”
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