Home / Knowledge / News / Apparel/Garments / Devaluating currencies create headaches for exporters
Devaluating currencies create headaches for exporters
03
Apr '09
The Chinese textile and garment industry as part of a plan to diversify markets has been exploring the countries of the African continent since a along time. Apart from doing substantial exports of a good quantity of textiles and garments, the sector has made substantial investments in the continent.

But undue and wild fluctuations against the dollar are making the Chinese tread cautiously, lest they lose money due to the same. In recent months, the Naira, the currency of Nigeria and one of the biggest export destinations from China has devaluated to a great extent against the US dollar.

The currency is fluctuating widely on a daily basis, putting at the great risk the earnings of the export enterprises. Exports, to Nigeria though of a few companies from the sector has grown in the first quarter of 2009, when compared to the corresponding quarter of the previous year.

The Naira had devaluated from 1:119 to 1:185 against the UD dollar in recent days and though it has rebounded in recent days, exporters from the sector are not daring to take the risk, lest they lose revenues when repatriating the foreign exchange funds to their home country; China.

Even in other countries like Russia and Ukraine, though their buyers have run out of stocks, the Chinese textile and garment exporters are wary of doing business for the same reasons and are willing to wait till the currencies of these countries stabilizes rather than lose money in doing business now.


Fibre2fashion News Desk - China


Must ReadView All

Courtesy: Kai Pilger from Pexels

Textiles | On 24th Apr 2018

Pakistan’s textile exports up 7.77% in July-March FY18

The value of textile and garment exports from Pakistan increased by...

Alliance to form joint entity for safety in factories

Apparel/Garments | On 24th Apr 2018

Alliance to form joint entity for safety in factories

On the 5th anniversary of the Rana Plaza Collapse, The Alliance for...

China’s Alibaba partners with Thailand for digital trade

Textiles | On 24th Apr 2018

China’s Alibaba partners with Thailand for digital trade

China’s Alibaba Group recently signed an agreement with the Thai...

Interviews View All

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search