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Hong Kong - the new leading importer of Indian silk
24
Dec '10
The statistics available with the state-run Central Silk Board (CSB), the apex body of Indian silk industry, revealed that, during the initial three months of the current fiscal year the country exported Rs 893.7 million worth of silk to Hong Kong, and Rs 824.2 million worth of silk to the US. Thus, with such high imports Hong Kong has replaced the US to become the biggest importer of silk from India.

The country's silk exports to the US and Hong Kong during the corresponding period last year stood at Rs 1.0278 billion and Rs 1.0176 billion, respectively. Though, silk exports to the US have been decreasing over the last three years, but still it remained to be the biggest importer of silk from India, till last fiscal.

Exports to the US went down from Rs 5.36 billion in 2008-09 to Rs 4.17 billion during the last fiscal, but still it was 14 percent more than the Rs 3.66 billion worth of exports to Hong Kong during last fiscal.

US has remained the biggest export market for silk exporters from India, but then in 2007-08 as the value of rupee depreciated against dollar, the exporters from India reduced their exports to the US, as their price realisations witnessed a fall of around 20 percent. This has caused the US buyers to shift to Chinese markets for fulfilling their silk requirements.

India exports various silk items such as fabrics, readymade garments, natural silk yarn, made up, silk carpets, and also silk waste. The country in the initial three months of the current fiscal exported natural silk yarn, made up and fabrics valuing Rs 3.08 billion. While it also shipped ready to wear garments, silk waste and silk carpets worth of Rs 2.57 billion, Rs 56.1 million and Rs 25.7 million respectively, during the period.

Next to the Hong Kong and the US, UAE, the UK and Germany are the other leading importers of silk products from India. The Ministry of Textiles has fixed a target of exporting Rs 43.25 billion worth of silk products during the current financial year, but according to the experts, considering the present situations, the country is not likely to achieve this target.

Fibre2fashion News Desk - India


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