Textiles export target of USD 45 billion likely to miss : Experts

Posted by Daily Shipping Times on 11-01-2018        Tweet

TIRUPUR: The textiles industry, which has been struggling due to increasing competition from the neighbouring countries like Bangladesh, Indonesia and Vietnam, coupled with rising imports into India and other domestic issues like GST, is now impacted by strengthening of rupee.

The industry experts that in such a situation the possibility of achieving its total export target of $45 billion in the current fiscal is difficult. Sanjay Kumar Jain, Chairman, Confederation of Indian Textile Industry (CITI), said: “The exports were down in October, November & December too. If the trend continues, the projected textile export target of $45 billion in the current fiscal will be unachievable. The industry may even find it difficult to attain last fiscal’s export of $40 billion.” According to him, “While rupee appreciation is one major factor, another threat looming is a further rise in cotton prices, which has gone up from Rs 37,500 a candy in November to Rs 41,500 now. Given the fluctuation in both the rupee and cotton prices, exporters are unable to take orders or fix any price point to do jobs.” Textile exports from India include ready-made and knitwear garments, cotton yarn, fabrics, made-ups, handicraft items, man-made yarns, fabrics and jute products, among other items.