India’s traditional exports to be significantly affected with the depreciation of Euro

Euro Zone accounts for about 18.5 percent of India’s exports and traditional sectors. The sharp and deep depreciation of the Euro would affect India’s exports to Euro Zone significantly According to Federation of Indian Export Organizations (FIEO).

Sectors of exports that are heavily concentrated in the Euro Zone are apparel (USD 6.4 billion), other textiles (USD 5.6 billion), leather and leather products (USD 3.2 billion), gems and jewellery (USD 4.0 billion) and machinery (USD 5.5 billion).

President of FIEO, M Rafeeque Ahmed said that weakening of the Euro which is at a 14-year low against the US dollar will greatly affect India’s traditional exports such as leather, apparel, textiles and gems and jewellery among others.

Euro has already exhibited a decline of 0.18 percent in April-Nov, 2014 when it touched USD 33.27 billion as against USD 33.33 billion recorded in the same period in 2013. While most of the economies were contracting and deflation was being witnessed, the Greek verdict has added economic uncertainties in Europe, he said.

According to an official release, the FIEO president added that the downward movement of Euro assumes greater significance from India’s exports and traditional sectors.

Recent Posts

Swisstulle advances dyeing efficiency with JigMaster

Swisstulle adopted JigMaster for its dyeing and finishing operations, especially for high-quality technical textiles used in fashion and automotive industries.

3 days ago

Birla Cellulose and Circ partner to scale textile recycling

Birla Cellulose, a leader under the Aditya Birla Group, has announced a long-term partnership with Circ, a U.S.-based textile recycling…

3 days ago

CARBIOS unveils enzymatically recycled polyester t-shirt

CARBIOS has collaborated with leading brands Patagonia, PUMA, Salomon etc. to create a groundbreaking polyester garment made entirely from textile…

3 days ago

Yangi launches sustainable fiber-based food tray

Yangi, renowned for its renewable packaging solutions, has launched a fiber-based food tray as a sustainable alternative to plastic trays…

3 days ago

Tarpaulife Project develops alternative to PVC-coated fabrics

The European Tarpaulife Project is working on polyolefin-coated fabrics, such as polyethylene, that can be manufactured to compete with PVC-coated…

3 days ago

Better Cotton to standardise measurements for cotton production

Better Cotton has joined the global non-profit alliance, Cascale, in a three-year project aimed at standardising LCA methods across the…

3 days ago