The textile industry is an important sector of the Greek manufacturing industry, which includes many sub-sectors such as spinning, textiles, knitting, clothing and other closely related sectors. According to data from the Greek Textile Manufacturers Association, the textile sector contributes approximately 15% of the country’s GDP and employs 70 000 people. Including the personnel employed in the clothing sector, the total number of employees is close to 120,000 people, representing about 28% of those employed in domestic manufacturing.
Exports of textiles and ready-made garments rank this broader sector as the largest export of the domestic manufacturing industry, accounting for about 23% of all exported products or 47% of exported manufactured products and contributing about 28% of the country’s industrial output, utilizing the domestic raw material, cotton.
The textile sector in Greece showed significant growth rates during the 1960s and 1970s, a period during which it maintained a strong position in domestic manufacturing. Since then, it has entered a period of recession, with a significant reduction in domestic production and investment activities, leading to a contraction and many textile plants suspending their operations altogether.
However, the most important problem focuses on the competition that Greek products face from third countries (mainly Turkey, Pakistan, India, China) both in the Greek and European markets.
Today the number of operating aggregates in the spinning industry is estimated at around 750 000-800 000, down from 1.5 million in the early 1980s. It should be noted, however, that a significant number of these are new, modern, higher-speed spindles, which are being installed in new cage plants or replacing older spindles.
According to market sources, the industry is now dominated by healthy companies, and it should be noted that the ability to invest in several of them has increased, mainly due to the funds raised from the stock exchange.
The continuous modernization of production units is necessary in order to achieve a reduction in production costs, quality improvement and specialization in high value-added products, in order to enhance the competitiveness of Greek enterprises in the Greek and international markets. Already, several large companies in the sector are producing high quality products.
First place in the domestic production of ginned cotton. Market share 8.5%
Second place in domestic production of yarn. Market share 10%.
First position in yarn export. Market share 15%.