According to the latest statistics from Scotiabank, 2014 was not a good year for the Peruvian textile industry, with exports amounting to only US$1.88 billion, a year-on-year decrease of 2%. The main reason for the decrease is the increase in international cotton prices, which has led to higher prices for Peruvian textiles, resulting in lower demand. The bank pointed out: “The decrease in Peruvian textile exports this year is mainly caused by the decrease in orders from Venezuela. The country’s economic and political crisis and difficulty in obtaining foreign exchange have led to a sharp decline in demand for Peruvian clothing. In addition, the implementation of strict trade policies in Argentina and Ecuador has also affected Peru’s clothing exports to it.” However, the bank also pointed out that Peru’s exports to Brazil, Colombia, Mexico, etc. have increased.
However, the bank predicts that the Peruvian textile industry will return to its 13-year level in 2015 due to increased demand from the United States, reaching about US$2 billion.