Synthetic and rayon textiles exports have registered figures of 10,227 crore in 2005-06 which is an increase of six percent compared to previous year. Buoyed by this, the industry targets to reach Rs27,000 crore figure in the next four years.
The target set by Synthetic & Rayon Textiles Export Promotion Council (SRTEPC) is based on the increased attention of buyers to India for buying synthetic fibre textile once the quotas were removed in January last year.
Chairman of the board, R L Toshniwal, said that exports showed increase in spite of soaring crude oil prices, cut throat competition in markets and the reduction in Duty Entitlement Pass Book Scheme (DEPB) rates and high excise duty.
Toshniwal informed that exports kept the momentum going with increase in the current year as well. For April-July period, 21 percent increase in exports was seen with figures of Rs2, 673 crore compared to the same period last year.
He added that all major synthetic and rayon textile items except made-ups have shown good growth for April-July period. Fiber exports jumped by 119 percent to be at Rs206 crore and exports of yarn increased by 24 percent to reach Rs807 crore while fabric reached Rs1, 243 crore in exports.
Primary markets for the synthetic textile exports have been UAE, the US, Saudi Arabia, Turkey, Italy, Syria, Brazil and Egypt during the same period. He informed that buyers in Europe and US were moving to India since quota regime was abolished and to reduce the risk of single sourcing from China.
Toshniwal said that reduction of Turkey's market share in EU and Mexico and Canada in US provides more opportunities for countries like India to cash in and it was imperative for us to exploit it before safeguards against Chinese exports are lifted in 2008.
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