Indonesian textile giant PT Sri Rejeki Isman (Sritex) faces the threat of delisting as the sale of its shares has been suspended for almost two years. The suspension of Sritex stock trading began when the company defaulted on its short-term debts.
Referring to Encouraging the Performance of the Textile and Textile Product Industry, the textile and textile product (TPT) industry of Indonesia has continued to experience ups and downs since the 1998 crisis. The industry had recorded growth of up to 15.35 per cent growth in 2019 after contracting in 2015 and growing low in the 2016 period.
The pandemic caused the textile industry to contract by 4.08 per cent in 2021.
However, the Ministry of Industry (Kemenperin) estimtes, textile industry contributed to exports of $ 10.63 billion in 2020. This figure only decreased slightly compared to 2019 (S$ 12.89 billion). The textile industry also still absorbs 4 million workers.
In Q1 FY22, the industry grew by 12.45 per cent Y-o-Y, says, Redma Gita Wirawasta, Secretary General, Indonesian Fiber and Filament Yarn Producers Association (APSyFI). He expects the industry to grow in the range of 5-10 per cent during the year driven n by the entry of investment after last year's groundbreaking
