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Clothing exports hit by multitude of factors
23
Oct '09
The garment and footwear industry has been on a back foot, ever since the economic crisis unfolded, with exports from both the sectors, suffering a big hit. This has also taken a toll on employment in the respective sectors.

The President of Textile, Clothing and Footwear Council (TCF) said that, since the beginning of 2009, over a 1,000 jobs has been lost and many are working on reduced hours along with which costs have also increased.

He continued by saying, exports are expected to fall by 25 percent in the current year, when compared to the previous year and for much of this year, it has been more of uncertainty for the manufacturing and exporting sector.

He concluded by saying, the production costs have increased due to the rise in wages and at the same time per unit prices have fallen. The industry has also been impacted by weakening of Australian and New Zealand dollars and strengthening of US dollar.

Fibre2fashion News Desk - India

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