Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, January 11, 1995 TAG: 9501110054
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Short
The industry's capital spending on new plants and equipment reached a record $2.37 billion last year. And textile shipments rose to a record $73.8 billion, a 5 percent increase over 1993, the group said.
Textile employment was down from 675,000 a year earlier to 672,000 in 1994. Industry profits were up 39 percent. However, the huge gain was because of a sharp drop in operating expenses from restructuring write-downs and gains from asset sales.
Exports of U.S.-made textiles rose 6 percent to a record $6.25 billion, but imports were up 8 percent to a record $9.5 billion.
When apparel was counted in, the U.S. textile-apparel trade deficit amounted to $35.8 billion last year, the institute said.
The U.S. textile industry will be looking for new trade opportunities this year with the implementation of the General Agreement on Tariffs and Trade, said William Armfield IV, the institute's president. The devalued peso, he said, could slow exports to Mexico under the North American Free Trade Agreement.
- Staff report
by CNB