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Apparel exporters run for cover as Euro declines
Mar '10
Textile and garment exporters were euphoric since the last months as orders emanating from the key markets like US and Europe improved in the last 3-4 months. But the decline of the Euro against the Rupee is giving sleepless nights to these exporters.

In the past three months, the Euro has declined by nearly 8.5 percent against the Indian greenback and most of the exporters have not hedged currency fluctuation risks, which could turn in to a big loss for these clothing exporters.

The apparel exporters book orders, well in advance, nearly 90-120 days before the date of delivery and most of the orders are accepted at that time, considering the exchange rate and cost of raw materials prevalent at that time.

The decline in the Euro would mean the garment exporters would be taking a hit of around 7-8 percent on the dispatches and this at a time when margins are low and the recovery process too is underway.

Fibre2fashion News Desk - India

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