Preview of the textile & garment industry - 2007

26 Jan '08

3 min read

While on the other hand the textile & garment industry in India had to face the contentious issue of the appreciation of the rupee. The rupee has appreciated by nearly 15 percent in the last one & half year which has severely affected the competitiveness of the textile & garment industry.

India recorded a decline of 12 percent in dollar terms & 20 percent decline in rupee terms in the first half of the current fiscal. The biggest decline to the tune of 29.13 percent was witnessed in export of MMF garments corresponding to the previous year. Export of cotton textiles also declined by 16.62 percent

Apparels & garments exports from Bangladesh totaled $9.21 billion, or 75 per cent, of Bangladesh's annual export income in the fiscal year till June 2007. Garments, especially knitwear, have driven the country's export performance since global export quotas were phased out. The Bangladesh garment industry in particular has been plagued by workers unrest in the last few weeks.

In Nigeria there have been losses of more than 10000 jobs in the textile industry. One of the reasons attributed to the same are smuggling of cheap textile and garments which also became a major concern for the industry. Competitive prices quoted by Chinese textile & garment companies have brought to standstill, textile industries of quite a few other countries too.

fibre2fashion News Desk - India

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