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January reveals depressing export figures from textile sector
06
Feb '09
The recently released export figures for January 2009 show a sharp dip in value of overall value of exports from India, falling by 22 percent, as against in December 2008, when the decline in exports had been arrested and saw value of shipments falling by only 1.1 percent when compared to their respective periods of the previous years.

The fall in January 2009, is comparatively higher than those in the months of October and November 2008, when exports dipped by 12.1 and 9.9 percent respectively. This sharp plunge has been led by sectors which are labour oriented like gems and jewellery, textiles, garments, plastics, metals etc.

The only saving grace was the engineering goods and some agricultural crops, which delivered a decent performance. The overall ten month performance of the current fiscal (2008-09) was quite better at 11.9 percent, saved by a sterling performance from the export sector in the first six months of the current fiscal in growing by 30 percent y-o-y.

The textile and garment sector, which is the fourth largest export value generator from the country, saw shipments of cotton yarn and fabrics plummet by 34.5 percent, man-made yarns and fabrics plunge by 32.5 percent and shipments of clothing dip by a nominal 2.5 percent in the first month of January 2009 vis-à-vis January 2008.

The handicrafts sector, which generates employment to millions of poor and rural labourers witnessed the biggest fall. While shipments from the handicrafts industry had plunged by 64 percent in December 2008, the overall fall in the period April to January is more tragic. Exports from the sector have fallen by 72.5 percent in comparison to the same ten month period of the last fiscal.

Again in the same period, exports from cotton yarn and fabric and man-made yarn and fabrics sector fell by 9.3 and 3.8 percent respectively, however exports from the garment industry fell by only 1.4 percent in April-January (2008-09), corresponding to the same period of the last fiscal.

Fibre2fashion News Desk - India

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