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Textile sector bounces back on track paved by China

29
May '08
Textile industry of China has been severely hit by its internal pressures such as rising cost of production and appreciation of yuan. This has turned out to be a blessing for India whose exports have started looking up with depreciation of rupees and more orders from US.

Mr D K Nair, Secretary General of Confederation of Indian Textile Industry, told Fibre2fashion, “There has been a perceptible improvement in our exports in recent months. As per the latest figures available from Directorate General of Commercial Intelligence and Statistics (DGCI&S), our exports of textile and clothing products grew by 9.33 percent in dollar terms during April-December 2007 compared to the same period of the previous year.”

Additionally, Mr Nair also stated, “Our exports of textiles and clothing to USA, during January-March 2008 increased by 4.59 percent from those of the same period of last year, as per US figures. This is a reasonable increase when we view it in the back drop of a decline of USA's global imports of textile products during this period by 3.84 percent and imports from China by 5.39 percent. But here again, the position of yarn is not encouraging. As against an increase of 13.62 percent achieved by China during January-March this year in its yarn exports to USA, we registered a negative growth of 12.90 percent.”

Mr Nair is of the opinion that the hopes of a possible revival of Indian textiles and clothing exports are partly based on currency movements. After appreciating from a level of over Rs45 a dollar to around Rs38.50 a dollar within a year, rupee has now started weakening and has reached the level of Rs43 a dollar. Indications are that the currency is likely to remain weak during the rest of the current year.


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