India's textile exports will decline in 2008

by:JIYALI     2021-08-05
According to the Reserve Bank’s report, India’s national textile, clothing and handicraft exports are expected to increase by approximately 20%. However, in the first five months of this fiscal year, textile exports showed a downward trend.   The 2007-08 Indian Foreign Trade Report of the Reserve Bank stated that exports of textiles, textile products and handicrafts showed a downward trend.   Calculated in U.S. dollars, clothing fell by 3% and silk textile exports fell by 16%.  According to a report from the US Department of Commerce's Textile and Apparel Administration, due to the decline in exports to the main markets of the US, the UK and Italy, both textile and clothing exports have shown a downward trend. From April to October, the proportion of Indian exports to the US in the US market fell to 3.2%, compared to 6.8% in the same period last year, and the number of exports increased by 1.9%.   The first minister of the Economic Advisory Committee also pointed out that the products whose exports have absolutely reduced include cotton yarn, cloth, finished products, clothing, natural silk textiles and handmade carpets. Calculated in Indian rupees, the export value of these products has fallen even more.   In a year and a half, the rupee has appreciated by more than 15%, and a large amount of foreign capital has entered India. Textile exporters were hit hard, and the government was forced to announce a series of relief measures, amounting to approximately 52 billion rupees. The committee agreed to further develop support measures for labor-intensive enterprises, such as textile enterprises.  The committee stated in its economic report that the impact of the appreciation of the Indian rupee on the U.S. dollar and other major currencies is an important source of the current problem.
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