Export Recession In India Affects Textile And Garment Industry

according to India According to a November 12, 2012 report of the Ministry of Commerce, India's exports declined over the past 6 months, compared with the same period last year, while imports increased by 7.37%, and the trade deficit hit a 12 month high.

In October, the export statistics showed that exports declined by 1.63% to 23 billion 400 million dollars compared with the same period last year, while imports increased by 7.37% to 44 billion 200 million dollars, and the deficit amounted to US $21 billion billion. The main reason was that international oil prices rose and large quantities of crude oil imported from India to September for domestic demand market. According to reports, India crude oil imports grew 31.6% over the same period last year.

Mr.S.R.Rao, Secretary General of the Ministry of Commerce of India, said that the western financial turmoil had a great impact on India's exports. Many of the India products exported to Europe this year led to a reduction in orders for foreign importers because of the recession, among which the most influential industries included Spin In addition to gem and jewelry industry, medical products, auto parts, and Leatherwear industry It will be the next wave of important industries.

Although statistics show that India's exports are declining, many India exporters remain optimistic. Mr.RafeequeAhmed, chairman of the Federationof Indian Export Organization, said that although India's exports showed a decline in the same period last year, if India's export situation in the past half year was the lowest in October, coupled with the increase in the output of tea products, textiles and sugar products in India in September, it indicated that exports will grow significantly in the next few months.

Experts say this year's global financial markets are in poor shape, and important economies such as China, the United States and Europe are all in recession. India is also immune to this. Fortunately, India's domestic demand market is growing, and the economic impact of the world financial turmoil is still under control. In the next two weeks, the government will discuss countermeasures.