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'Rupee's fall to have mixed impact on textile exports'
08
Sep '15
The rupee's depreciation is expected to have a mixed impact on India's textile exports as competition will increase from China following devaluation of the yuan, investment and credit rating agency ICRA has said in a statement.

It said that since India is the world's second largest cotton exporter after the US, the rupee depreciation improves the export competitiveness of the domestic cotton. The Indian rupee has depreciated about 7 per cent since April

According to ICRA, the export competitiveness in apparels depends on the relative currency movement of the major exporters such as China, Bangladesh and Vietnam.

But the fact that the rupee has depreciated more than that of other competing countries, and India's share in overall trade is relatively small, the export volumes may not be impacted severely. Moreover, in view of the fragmented nature of India's fabric industry, exporters will require to pass on the benefits of depreciated rupee.

ICRA also said the export competitiveness of the Indian cotton yarn depends on the relative currency movement of the rupee with Pakistan's currency since Pakistan is the major competitor in export of cotton yarn to China.

As Pakistan's currency had remained relatively stable, the depreciation of the rupee improves the competitiveness of Indian cotton yarn as well, it added. (SH)

Fibre2Fashion News Desk – India

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