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India's garment exports hit by EU, US financial crises
14
Nov '11
The ongoing financial crises in the EU and the US have hit India's garment exports to its two main export destinations, a top official has said.

Inaugurating the second Source Zone, South Asia's biggest fabric show, at Gurgaon near New Delhi, Rita Menon, Secretary, Ministry of Textiles, stressed on the need for the Indian exporters to branch out and explore other emerging markets like Africa and Latin America.

Source Zone is intended at bringing overseas producers and Indian exporters under one roof, a move of great significance, particularly in view of the present economic scenario.

During the 2008-09 economic crisis, India's domestic retail market proved to be a great support in sustenance of the garment sector, Ms. Menon said.

She, however, added that the situation is better this time and expressed hope that the conditions would start improving by 2012-13.

Premal Udani, Chairman of the Apparel Export Promotion Council (AEPC), revealed that the apparel business has seen a 10 to 12 percent downturn in present times and effects of the same are also visible on the job market.

The AEPC Chairman said though situation is gloomy at present, one need not lose hope. He suggested that Indian producers should focus more on innovation and fabric designing, and simultaneously also try to make the most of their expertise in cotton-based manufacturing.

He further said that synthetic fibre is in demand across the globe and hence concentrating on this segment can present the Indian producers with an entirely new market segment, and added that hopefully the markets would recuperate over next six months.

Industry analysts say it is quite possible that the European buyers may shift their orders for next year to Bangladesh and China, till the apparel prices ease down in the Indian markets.

Fibre2fashion News Desk - India

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