The textile and garment industry as a whole is going through depressing times due to a slowdown in orders. But one more matter of concern has arisen for these crisis ridden exporters, who are faced with a serious matter of unclaimed goods at different ports.
According to grave reports, emanating from the textile and garment exporters community, around 200 containers are lying unclaimed at different ports across all continents, due to the inability of the buyers to release the consignment due to financial problems.
Each container carries goods worth an estimated US $300,000 and the total worth of all the unclaimed containers tots up to an awesome $60 million. This whole amount has the potential to turn in to a loss if it lies unclaimed for long.
Total exports in the period July-January of the current fiscal (2008-09) from the textile and garment sector adds up to $5.82 billion, down 3.79 percent when compared with $6.05 billion recorded at the same time in the previous fiscal.
Shipments from the sector plunged by a massive 8.98 percent to $753.9 million in January 2009, when compared with $720.3 million achieved in December 2008. Export orders have also dipped by as much as 20-25 percent in the last few months.
Fibre2fashion News Desk - India
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