EU Financial Crisis Hits India'S Clothing Exports

A senior official said that the current financial crisis in the European Union and the United States has already impacted India's exports to the two main markets.

The largest fabric in South Asia held in Gurgaon, New Delhi

The purpose of the procurement area is to gather overseas manufacturers and India exporters under one roof, which is of great significance, especially in the current economic situation.

Nong said that during the 2008-09 economic crisis, India's domestic retail market was proved to provide strong support for the garment industry.

However, she added that the situation is better now, and she expressed the hope that things will begin to improve 2012-13 years ago.

Premal Udani, chairman of the India Clothing Export Promotion Association (AEPC), said that clothing companies have already dropped 10-12% and the employment market has also shrunk 10-12%.

AEPC president said that although the current situation is very pessimistic, we must not lose hope.

He suggested that India producers focus on innovation and fabric design, and try to integrate their expertise into the cotton spinning industry.

He further said that the world needs synthetic fiber, so centralized development.

According to industry analysts, European buyers are likely to turn next year's orders to Bangladesh and China until the clothing prices in India are eased.