India's textile exports fall by 2.0pc in 2008-09 on financial crisis
Tuesday, 9 June 2009
NEW DELHI, June 8 (PTI): India's textile exports declined by about 2.0 per cent in 2008-09 to USD 21.75 billion due to slump in demand from global economies like the US and Europe which are reeling under the impact of financial meltdown.
During 2007-08, the exports stood at USD 22.13 billion.
"The decline in exports of textile is due to less demand from the US and European markets which are reeling under recession," a Textiles Ministry official told PTI.
After growing at a healthy rate in the first six months of the last fiscal, the textile exports started coming down since October and ended the fiscal with an overall decline of 1.7 per cent.
Among the textile exports, the worst hit was handicrafts which saw a decline of 48 per cent in 2008-09 followed by cotton yarn and jute products which fell by 11.8 per cent and 9.5 per cent respectively.
During 2007-08, the exports stood at USD 22.13 billion.
"The decline in exports of textile is due to less demand from the US and European markets which are reeling under recession," a Textiles Ministry official told PTI.
After growing at a healthy rate in the first six months of the last fiscal, the textile exports started coming down since October and ended the fiscal with an overall decline of 1.7 per cent.
Among the textile exports, the worst hit was handicrafts which saw a decline of 48 per cent in 2008-09 followed by cotton yarn and jute products which fell by 11.8 per cent and 9.5 per cent respectively.