Recent reports show a marginal growth of 1.03 percent in the export of textile products for the months July to October reaching US $3.649 billion over $3.612 billion in the same period last year.
Export growth was disappointing for the month of October, as it grew only slightly to touch $836.855 million over, $814.552 million in the same month last year.
Negative growth in the textile sector was one of the primary reasons for declining outputs frm the industry. For instance, there was a nominal growth rate of 5.55 per cent in August 2007 while in September it sloped down by 0.79 percent.
Even the export of readymade garments, witnessed a sluggish growth of 3 percent in July-October period of 2007 over the same period last year. Export of bed wear also showed the same trend with 9.29 percent rise in the first four months of the current fiscal year compared to the same last year.
Exporters are of the opinion that the unfavorable political incidents of the past few months can be held responsible for these slow growth rates of the textile industry. Besides, the situation has been aggravated because of the incompetent domestic products that involve high cost of production.
According to the latest performance of the textile sector, there has been emerging evidence that in spite of billions of rupees doled out as incentives to the major economic sectors, the fact remains blatant that the country's economy couldnot raise its exports.
marketing@alchempro.com
