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Textile sector considering diversification in newer markets
12
Feb '11
In a bid to speed up the economic revival, the Central Bank had slashed its key lending rate by one percentage point in September last year, but if the inflation persists as such, it may once again be required to raise this rate.

The Mauritius Export Association (MEXA), recently stated that the textile industry of the country seems to be in a better form now as compared to a year ago. But then, it apprehended that if the cotton prices continue to rise further and if the lending rate too goes high, then it may adversely impact the industry's competitiveness.

Exporters are apprehensive that an increase in the interest rate may boost the rupee value in comparison with Euro and have thus been clamouring for devaluation of the domestic currency in terms of the Euro zone currency, so as to make their goods more economical.

Mauritius was the only African country which registered a rise in its textile exports to the US and surpassed Pakistan and Bangladesh, which are the main competitors of the African textile industry. Thus, to sustain these good results, Mauritius has no other option but to produce branded textile items with higher value addition and improved designs.

But then, the Mauritius textile industry is already moving ahead in the direction of branching out in new markets across the globe, as it is not wise to rely or focus on just one market or country. This was well reflected in the fragility of the sectors solely focusing on the euro-zone during the euro-zone crisis.

Fibre2fashion News Desk - India

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