Indian rayon textiles export hit

Unlike most other industries and exports, India's man-made fiber textile sector has hardly been affected or even increased in the recent global economic crisis. However, recent performance has been poor. ShriVinodK, newly elected president of the Export Promotion Association for synthetic and rayon textiles . Ladia said.

Exports in 2009-10 increased by nearly 7% to Rs 16,861 crore (US$3.534bn), compared to Rs 15767 crore ($3.426bn) in 2008-09.

However, due to global and domestic factors, the export of man-made fiber textiles has recently experienced the worst crisis in history. As a result, in April-June 2010-11, exports of man-made fiber textiles fell by 1% to 3,852 crore, compared with exports of 3,898 crore in the same period last year. Exports continued to deteriorate in the second quarter of 2010-11, falling by approximately 20% to Rs. 3,464 crore, compared with Rs 49.10 crore exported during the same period of the previous year.

The reason for the decline in exports may be that during this period, India’s exports to open markets have fallen, such as the UAE and Saudi Arabia, while negative growth has also occurred in the markets that are about to open and are growing, such as Pakistan and Afghanistan. External factors include a slowdown in global economic growth, a slow recovery in the US and European markets, and increased competition from China. These factors have led to a decline in exports of man-made fibers in India. In addition, the key factors are abnormal raw material prices and unprecedented increases, such as fiber and yarn.

The tax rebate rate has been substantially reduced, and the rupee has appreciated against the US dollar, which has also put pressure on the export of synthetic textiles. The export of man-made fiber textiles may not complete the export target of 3.7 billion U.S. dollars set by the government in 2010-11. The government has set ambitious plans to increase exports of man-made fiber textiles to US$7 billion by 2010-14. This goal will also be affected.

Polyester staple fiber prices are increasing every day. The price of polyester yarn has increased by 40% since October this year.

Synthetic and rayon textile export promotion associations require the government to intervene to stabilize the prices of fibres and yarns and ensure that export production obtains raw materials for production at international prices. The association also urged the government to immediately increase the export tax rebate rate in 2010-11.

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