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Industrial sector & exports assaulted by devaluating dollar

20
May '08
Manufacturers Association of Israel has lamented the fact that depreciating dollar has brought about immense loss of millions to the exporters.

Profit margins are also being squeezed along with export orders, especially, textile. As a result, the industry is finding it impossible to break the vicious chain of inflation, low exports, unemployment and other adversities that accompany dollar depreciation.

Government has been urged to intervene and help exporters develop markets for their products in countries that have more to offer than bargained proceeds.

An updated forecast report send to Fibre2fashion by the Israeli Manufacturers Association indicates that slowdown in the rate of growth of the US economy and in the Euro Area, has restrained the rate of growth of Israeli exports, mainly to the region, which together constitute about 60 percent of the total exports of goods.

If the exchange rate of the shekel against the dollar conntinues to remain at its present level, it appears that the rate of growth of the economy for the year 2008 will slow down to about 3.5 percent.

It is assumed that the expected impact to exports and to the growth of the business sector, together with an uncertainty regarding the intensity of the slowdown in the world economy, will also restrain the readiness of the business sector to invest. Accordingly, the expected growth in total investments in the branches of the economy may also depict a downward trend.

Fibre2fashion News Desk - India


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