Home / Knowledge / News / Textiles / Growth of wool industry affected by dipping demand
Growth of wool industry affected by dipping demand
24
Jul '10
With decreasing demand for wool and its products, the wool industry seems to be going through a rough patch.

As per data revealed by the Directorate General of Commercial Intelligence and Statistics, Kolkata, exports growth during 2009-10 was merely 3 percent, whereas during the 2008-09 fiscal, the industry registered a growth of 23.35 percent.

Dipping demand for wool and its products is the key reason behind the falling growth figures. Adding further to the sector's woes was the global economic downturn, informed a senior official from the Wool and Woollens Export Promotion Council (WWEPC).

However, this year, the industry is still experiencing a positive growth and hence, it is aiming at newer markets, informed this official. During 2009-10, wool and its products exports was worth Rs 22.62 billion, as compared to Rs 21.99 billion recorded in 2008-09.

Therefore, as part of their action plan for 2010-11, WWEPC has already spotted newer markets for exports of woolen products, such as Kazakhstan, Brazil and Muscat, among others.

Industry experts aver that, worries of exporters with respect to incentives such as duty entitlement passbook and duty withdrawal rates should soon be looked in to by the government, so as to help the wool sector move forward. More so, a suggestion seems to be doing the rounds of the market that, with the current global scenario, these incentives must be raised by 5 percent.

For the fiscal 2010-11, WWEPC has set an export target of US $630 million as compared to the 2009-10 target of $600 million.

Fibre2Fashion News Desk - India

Must ReadView All

Courtesy: India ITME

Textiles | On 8th Dec 2016

Industry needs to create 1cr jobs in 3yrs: Kavita Gupta

Sharing several initiatives laid out by the government in R&D,...

Textiles | On 8th Dec 2016

Package will boost made-ups sector: SIMA

The reforms package approved by the Union Cabinet to boost employment ...

Textiles | On 8th Dec 2016

Cabinet okays reforms to boost jobs in made-ups sector

The Union Cabinet chaired by prime minister Narendra Modi has given...

Interviews View All

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search