Indian silk industry exports fell by 10%

As a result of the global economic downturn, India’s silk industry’s exports fell by 10%, from Rs. 31.78 billion in the 2008-09 financial year to Rs. 28.71 billion in the 2009-10 fiscal year. Although the Federal Textile Department set a target of 41.5 billion rupees for the previous financial year, the Central Silk Ministry of India stated that only 67% of the targets can be achieved.

In this regard, Pankaj Bothra, owner of Maitri, a small-scale unit in Ahmedabad, said that the decline in silk apparel exports to the United States can be attributed to American consumers in lifestyle products or luxury fabrics and More investment in clothing.

In addition, the United States’ preference for Chinese silk products is also the main reason behind the decline in India’s silk exports. SMEs have contributed major shares in India’s silk exports, such as natural silk yarns, fabrics, ready-made garments, silk carpets and silk wastes.

In addition, India’s silk exports to Eastern European countries have also declined. In addition to the global financial downturn, fluctuations in currency exchange rates have also limited silk exports to these countries.

India’s silk exports to Hong Kong, China, Germany, Italy, France and Spain also declined in the 2009-10 financial year, reflecting the weak export performance of silk products from Indian SMEs to these countries. In this case, the Indian textile ministry predicted last year that it would not be possible to achieve a total of US$2,200 million in silk exports in 2012.

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