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INDONESIA: Oil price hike to affect textile


JAKARTA: According to a cabinet member an increase in the world oil price will lessen the country's competitive edge in such export goods as textiles and textile products because oil is a raw material in their production process.

"National industry products such as textiles and garments will be affected negatively if the oil price continues to increase," Industry and Trade Ministeer Rini MS Soewandi was quoted as saying.

She said the industry as a user of polyster would be affected by the increase in the oil price because oil was a vital ingredient in the production of polyster.

But Rini predicted the increase in the oil price would not last long because many of the oil-consuming countries were entering summer time.

"In summer, demand for oil usually decreases. So we are optimistic the oil price will come down again and no longer have an adverse effect on national industry," the minister said.

May 28, 2004

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Added: May 28, 2004 (3801 days ago)
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