2010 India Exporters Of Garments Are On The Verge Of Crisis.
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Traders warned that the increase of various costs and the weakening of India currency made India
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The industry is on the brink of crisis and has handed over business to neighboring Bangladesh and Mainland China.
India garments
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ApparelExportPromotionCouncil (AEPC) attacked India's official plan to substantially increase oil tariffs and excise taxes.
At the same time, India cotton spinning mill has continuously increased the price of cotton yarn in the past 4 months.
AEPC thinks that the average 40% cotton yarn price increase, India rupee's appreciation against the US dollar / euro, and the sharp rise in the minimum wage in Delhi are in India.
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Industry causes damage.
AEPC chairman PremalUdani revealed that there was no connection with the increase in the cost of cotton yarn input, but the spinning mill had increased its yarn price from an abnormal increase.
In addition, the increase in tariffs and excise taxes on imported oil products in the plan will severely hit India.
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Garment industry, and energy shortage will further increase production costs.
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In the past 3 months, India's rupee has appreciated by about 4% and 10% against the US dollar and the euro respectively.
AEPC points out that only small businesses earn small profits in 7%-8%.
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Enterprises have suffered a great shock.
Udani chairman added, many
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Business is unable to confirm new orders and production expectations are also down sharply, as Western retailers have just got rid of the worst economic downturn in decades and are not in the mood to offer better quotations.
It is reported that the Delhi government has raised its minimum wage from February 1st (2010), with an amplitude ranging from 33% to 49%.
The chairman of Udani said that India would raise wages.
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The garment industry has not yet completely divorced from the economic downturn. The unprecedented wage adjustment of Delhi's government will jeopardize the sustainable operation of enterprises.
Once the competitiveness of India's textile and garment industry is lost, the great opportunities will be pferred to countries like China and Bangladesh, and it will not be easy to recover the lost territory.
AEPC pointed out that India's clothing exports amounted to US $7 billion 900 million in the fiscal year April 1, 2009 to January 31, 2010, down 10.2% from the US $8 billion 800 million in the previous fiscal year.
Editor's note: crises always exist. Today's globalization calls for every enterprise and everyone to learn to survive in rapid economic development and crisis.
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