What the Peruvian textile industry means for U.S. textile exports
The Peruvian cotton industry is expected to be one of the fastest-growing sectors of the global textile market.
A growing number of textile factories in the country, which is the second-largest cotton exporter after the United States, are now operating at a pace that exceeds those of the U.K. and France.
Peruvian authorities hope to expand their textile exports through the 2020s by focusing on new technologies such as biorefinery, textile additive and textile processing.
Peruvians have been making textile products since the 15th century.
Peru’s textile industry has grown by an estimated 2.6 percent per year over the past two decades, according to the Peruvian Institute for Economic Research.
Peruan President Ricardo Martínez said textile production is essential to the country’s economic growth.
“We have to take advantage of the fact that Peruvian industry is very, very innovative,” Martílez said at the end of a visit to Peru last week.
Perusans are now producing about one-third of the world’s total textile production, according the U, and that figure is expected increase to one-quarter by 2020.
Perú is also the only country in the world that is able to export the textiles of the entire world, according its Ministry of Trade.
“For us, textile is the most important economic asset we have,” said Ricardo Martinez, the minister of trade.
The textile industry was once part of a large agribusiness operation, but it began to diversify in the 1990s and was later consolidated into a multi-national cooperative known as the Peru Cotton and Textile Union.
Perunas textile mills were founded in the 1930s by the late Peruvian President Alberto Fujimori.
In the 1970s, Perú’s textile industries expanded and the textile industry in the United Kingdom was a joint venture between the United Nations and the Perú Cotton and Cotton Union.
But in the early 1990s, the Perunans textile sector began to suffer from the economic downturn and was forced to rely on a government-backed cooperative, the Ministry of Foreign Affairs said in a statement.
The Perunan textile industry, which includes the Perubu Cotton Corporation and the Patiño de la Noche, is now one of Peru’s top 10 industries, the ministry said.
The Ministry of Commerce said the Perusan textile sector has been growing at about 5.5 percent a year for the past three years, but that this will likely increase as the country focuses on developing a new textile additive technology that will boost exports.
It also noted that Peru is now the second largest textile exporter to the United Arab Emirates.
The export of Perunian textile goods to the UAE is estimated to be worth approximately $1.4 billion a year, according Foreign Policy.
Fox Sports’ Eric Davis and The Associated Press contributed to this report.