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Article: INDIAN EXPORTERS SEE TOUGH YEAR AHEAD.
- Article from:
- WWD
- Article date:
- March 18, 2008
- Author:
CopyrightCOPYRIGHT 2008 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: N. Vasuki Rao
BANGALORE, India - Indian textile and clothing exporters are generally expecting a tough year ahead on the back of shrinking profits last year, but some savvy manufacturers are not that concerned.
After global quotas were abolished in January 2005, Indian textile and clothing exports surged 25 percent in fiscal 2006 to $17.5 billion. However, the momentum did not last and the following year exports grew by only 7 percent.
A 12 percent appreciation in the value of the Indian rupee against the dollar since October 2006 now has led to a decline in apparel exports. According to U.S. Customs data, Indian apparel exports to the ...