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Re appreciation leads to decline in value in exports to USA by 0.4%

12
Jun '07
• The Rupee has appreciated between 5th June 2006 and 5th June 2007 by 12.89%. On the other hand, Pakistan Rupee has depreciated by (-) 1.47% and Bangladesh Taka by (-) 0.55%. The Chinese Yuan has appreciated by 5% during this period.

• This steep appreciation has led to a decline in value terms (for the first time) in India's exports to USA (Jan-March 2007) by 0.4% and in the European Union (Jan-Feb 2007) by 12.61%.

• This is a matter of grave concern as the industry in recent years has taken steps to improve the quality of products, reach higher levels of productivity, upgrade technological levels, modernize plants and machinery to meet the growing challenges of liberalized trade. It is clear that despite raw material advantage, skilled labour force, relatively lower wages, India has not been able to leverage its comparative advantage in the sector to the fullest extent.

• The Rupee appreciation has slowed down exports, thereby severely affecting production, capacity utilization resulting in redundancy in employment.

* Reports available indicate that a large number of small & medium sized producers of fabrics supplying to RMG units are facing closure as RMG exports have also declined sharply. Apart from, this a shift in sourcing to other countries is making it virtually impossible to secure new orders. Once a market is lost to a competing supplier in another country, it is extremely difficult to regain confidence & renew contacts.


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