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Follow Bangladeshi example in charting new markets
20
Dec '08
The economic meltdown and the resultant recessionary trends have slowly but surely started showing its true colours. The tentacles of the meltdown are not showing any discretion between developed, developing and under developing countries. It is leaving in its wake devastation, similar to a tsunami.

The economy of India and the export oriented companies have also started feeling the full effects of the impact and one of the most vibrant sectors in the recent past; the clothing sector is feeling the maximum brunt. Exports from the sector have slipped by a massive 9.62 percent in October and according to experts, the worst is yet to come.

The garment industry looks likely to miss its export target of US $9 billion this fiscal (2008-09). This is ultimately going to lead to massive unemployment in the apparel industry which experts put at 200,000-300,000 and might increase if the crisis persists.

The economy of the biggest and largest clothing market in the world; USA has been affected the most due to the recession. Consumer confidence is at the lowest and considering that the US is the biggest market for the Indian apparel exporters, the impact on the domestic industry is expected to be more severe.

Under the circumstances, the best option for the exporters would be to look for new and virgin markets which have remained unexplored till date. The competiveness of the Indian garment industry would help them penetrate these hitherto uncharted markets. Bangladesh garment exporters have done the same and have been able to make a small headway in the direction.

This initiative of the Bangladeshi garment exporters had begun even before the crisis had unfolded and have been able to gain a footing in a few East European and sub Sahara African markets. The Indian exporters could do well to follow this trend and face the crisis head on.

Fibre2fashion News Desk - India

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