In an earlier post we have wrote about China’s Garment Exports Fall.
India is facing the same, garments exports falling down, on the other hand Vietnam and Bangladesh’s export on rise. Read the facts in India’s fall -
Garment exports from India dropped 2.64 per cent to $10.64 billion in 2009-10, compared with $10.93 billion in the previous financial year, data released by the Apparel Export Promotion Council (AEPC) here shows the above fact.
However, there was a negligible recovery of 0.37 per cent. All the months of 2009-10 except July, August and November showed a painful downslide.
Mr Prem Udani, Chairman of AEPC, said - “Exporters are in deep trouble, as the garment industry is reeling under unprecedented price hike of yarn and fabrics. Just when there were signs of initial recovery, the industry has been plunged into gloom because of high raw material prices and their erratic supply.”
AEPC requested the Government to impose a 15 per cent tax on exports of cotton yarn. “At a time when domestic demand for fabrics and yarns is booming, free exports of basic raw materials like cotton and cotton yarn take millions of jobs away from the country.”
Over and above the raw material costs, Mr. Udani said, the industry has been affected by high labour costs, non-refund of Central and State levies, besides infrastructure deficiencies.
“Our share in the global clothing market is going down. Bangladesh has become a larger garment exporter than India. By next year, Vietnam will also overtake us,” he said.
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Source: The Hindu Business Line, New Delhi, June 3, 2010
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