Woollen, silk, handicraft worst hit in economic crisis

26 May '10

2 min read

As per data received from official sources, during the world economic crisis, textile products such as handicraft goods, woollen yarn, jute, cotton yarn, fabrics and silk faced worst dip in their overseas sales.

But as per the current figures, overseas sales of few jute items such as yarn, plummeted by more than 48 percent from the period, April – January 2009-10.

Exports of other textile goods such as handicrafts fell by over 22 percent, that of silk dropped by 16.35 percent, cotton yarn and fabric exports dropped by 22.69 percent and overseas sales of woollen yarn and fabrics slumped by 17.4 percent during the economic downturn.

But with this the good news is that, exports of raw cotton, silk waste, apparels from man-made fibres and man-made fibres per say aided in controlling the overall drop.

As compared to April – January 2008-09, this year during the corresponding period, exports in the sector fell by 2 percent touching $17.3 billion.

However, with the recovery of demands in the Western markets, government and industry sources are hoping that, exports in 2010-11 will increase to $24 billion.

According to A Sakthivel, President of Federation of Indian Export Organisations, inquiries for business deals are seen entering the Indian market again and industries are also foreseeing a rise in demand from the US in the next couple of months. Also, demand is alos picking up, although slowly, in the new markets such as South America and Japan.

Fibre2Fashion News Desk - India

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