Home / Knowledge / News / Apparel/Garments / Apparel exporters demand devaluation of currency
Apparel exporters demand devaluation of currency
03
Mar '10
It is the desire of the Mauritius' textile and apparel exporter's that the Indian Ocean Island government should depreciate the domestic currency to aid them to face competition and thereby increase revenues and save jobs.

Already affected by expiry of a European preferential trade agreement, the sector in the previous year was thumped by the global meltdown and top officials of clothing companies apprehend that it may be further affected if the rupee continues to get stronger.

As per the statistics released by Mauritius Chamber of Commerce and Industry, textiles and garments, a keystone of island's economy, contributed 5.4 percent of the gross domestic product in 2008, as against 6.5 percent in 2007.

Being the main recipient of a $340 million's stimulus package floated in December, the sector also generates 11 percent of the jobs in Mauritius, while contributing Rs 28 billion rupees towards export earnings.

For clothing companies to retain their competitiveness, a correction of around seven to ten percent is needed in the exchange rate, which will also help in amplifying the foreign exchange contributions from exports by four billion rupees.

As against the rate of 69 rupees for a pound sterling in 2006, the rupee has seen new heights at 46 at present.

The textile sector which contracted by four percent in 2009 owing to less expenditure on textiles by consumers, is expected to grow by one percent in current year, as per the estimates of the Central Statistics Office.

A probable economic crisis is apprehended if rupee is not devalued. The Central Bank during last December, begun offering currency swaps to deal with the shortfall in liquidity in the foreign exchange market.

Fibre2fashion News Desk - India


Must ReadView All

EU renews GSP+ scheme for Pakistan 2 years

Apparel/Garments | On 24th Feb 2018

EU renews GSP+ scheme for Pakistan 2 years

Pakistani exporters can enjoy preferential duties on exports to the...

Surat wary of e-way bills

Textiles | On 24th Feb 2018

Surat wary of e-way bills

There is no respite for Surat’s textile manufacturers and retailers....

Retailers choose sides in Alibaba-Tencent battle in China

Apparel/Garments | On 24th Feb 2018

Retailers choose sides in Alibaba-Tencent battle in China

Two big Chinese firms— Alibaba Group Holding Ltd and Tencent Holdings ...

Interviews View All

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Kai Poehler
Voith Paper GmbH & Co. KG

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

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

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

February 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
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

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
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

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
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

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
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


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