Since the unfortunate month the global economic turmoil unfolded and was followed by a slowdown, none of the experts have been willing to guess a date as to when the economies will revive. The safest date that most predict is 2010.
A similar dilemma haunts the Indian textile and garment export sector. But, things seem to be looking up for this sector, particularly in cluster hub of Tirupur which is very well known across overseas markets for exports of cotton knitted garments.
The order book position which was bleak in the first two months of the current year is now slowly but surely filling up, more so to do with the political instability in our neighbouring countries; Pakistan and Bangladesh, aver the experts.
Orders are pouring in from the second biggest buyer of textiles and garments; the European Union. Enquiries are being converted in to orders at a faster pace than before which is a good sign. Though off course, chances seem bleak when it comes to the US.
Clothing exporters are of the opinion that the US markets will take some time to revive, even as far as in 2010, since most of the apparel retailers are carrying a lot of unsold inventory, which they would like to clear before placing fresh orders.
Fibre2fashion spoke to the President of Tirupur Exporters Association, Mr Sakthivel, who said, “After G-20 Conference, some improvement will be seen. Consumer spending capacity of Europeans will also increase, which will mean more orders for us”.
He added by saying that, “We expect situation to improve after 1st June when the new government will be sworn in. This year business will decrease by 10 percent than projected but we expect situation to be better next year”.
Fibre2fashion News Desk - India
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