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India's woolen export orders plunge on eurozone crisis (India) |
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2012-5-25
Wool and woolen garment exports from India have declined owing to the ongoing financial crisis in eurozone.
“Wool and woolen apparel exports are not doing well at present and the orders have declined by around 25-30 percent, mainly owing to the economic uncertainty in Europe and America,” Ashok Jaidka, Chairman of Wool and Woollen Exports Promotion Council (WWEPC), told fibre2fashion.
When asked about the benefit to exporters due to declining value of rupee, he quipped, “The weak rupee does not much benefit woolen clothing exporters because most of the material used in making the garments is imported. These imported raw materials too become expensive along with currency depreciation.”
To curb the decline in woolen garment exports, WWEPC is stressing on exploring new markets. “Our exporters are participating in various exhibitions in Russia and some African countries to study and explore the new markets there. The exports to these destinations have started, but not in a big way. These countries are not so strong economically, hence we do not get big orders from these places,” states Mr. Jaidka.
Source:Fibre2fashion
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