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Singapore: 7,000 jobs to go post MFA |
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2004-11-26
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The angst against textile job losses appear to be growing by the day, as Singapore approaches the New Year.
Singapore could lose about 7,000 jobs next year as the textile regime collapses and all trade barriers are removed globally with the expiry of Multi Fiber Agreement. It was second choice destination for sourcing garments and apparels by US & Europe after exhaustion of underdeveloped countries that produced cheap products.
Ending September, Singapore''s jobless rate stood at 3.4 percent.
With new regime, buyers can source any quantity of textiles from any country and this arrangement is likely to benefit China, where costs are low but productivity is rising.
The current agreement has helped Singapore producers survive by holding back the flood of cost-efficient clothing from China and India.
Note worthy is the fact that three quarters of gross domestic product comes from service industries, while manufacturing contributes the remainder. |
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