Woollen manufacturers to explore new markets to increase exports

The woollen manufacturers are planning to increase their exposure in Kazakhstan, Australia, Germany and China concern over relentless decline in woollen products exports and also to reduce its dependency on the US and European markets, that accounts for 70 percent of the total country’s woollen exports which is presently facing slowdown.

In addition to exporters own rigorous efforts, they sought the government’s intervention and support was required in increasing duty drawback rates, speedy release of drawback, abolition of import duty on raw wool and textile machinery and consideration of special package to boost exports.

According to statistics, the total value of exports during April-June this current fiscal year was $103 million (Rs 685 crore) as compared to $123 million (Rs 780 crore) during the corresponding period previous year, a decline of about 17percent in terms of dollars.

Further, the total value of exports in 2015-16 was $462 million (Rs 3,013 crore) as compared to $510 million (Rs 3,112 crore) previous year. The industry witnessed negative growth of 9% in dollar terms.

Also the value of imports of raw wool was $69 million during April-June this year as compared to $76 million in April-June, 2015. In 2015-16, India imported wool worth $308 million as compared to $349 million in 2014-15. The decline in wool import was mainly attributed to the decline in exports owing to weak global sentiments.

Currently, the import duty on wool is 5 percent and the industry imports raw wool from the UK, Australia, China and Japan etc. Moreover, the prices of wool have risen by 10-15 percent in the past one year and it has hit the bottom lines.

According to RK Gupta, Executive Director, Wool & Woollens Export Promotion Council, the industry is witnessing a continuous decline in exports. They are making efforts to boost exports but at the same time they need the government’s support. As one of the steps towards increasing exports, the Wool & Woollen Export Promotion Council would be participating in leading trade fairs and exhibitions in Kazakhstan, Australia, Germany and China during the current fiscal to increase their presence in these countries.

Recent Posts

Siemens, Spinnova to advance sustainable textile production

Siemens has announced an innovative partnership with Spinnova to advance fiber production in the textile industry and reshape global textile…

16 mins ago

Shenkar creates smart fibers to detect toxic gases

The Department of Polymer Materials Engineering at Shenkar has collaborated to develop innovative smart fibers as part of the "Future…

21 mins ago

NIST develops textile database to boost recycling efficiency

The US National Institute of Standards and Technology has created a detailed database cataloging the unique molecular properties of various…

28 mins ago

SHEIN expands cool transfer denim printing

SHEIN is revolutionizing denim production by expanding its use of Cool Transfer Denim Printing, a technology that reduces water and…

1 day ago

Citizens of Humanity, Pili launch bio-indigo denim

Citizens of Humanity Group has partnered with Pili, a biochemicals firm specializing in sustainable dyes and pigments, to help decarbonize…

1 day ago

Ambercycle, Shenghong to expand production of circular filament yarns

Ambercycle, Shenghong Holding Group have announced a strategic collaboration to enhance the production of regenerated filament yarns made with cycora…

1 day ago