The Eurozone economic crisis has caused a decline in exports of Indian woolen products
As euro zone countries have not yet emerged from the impact of the economic crisis, India’s export orders for wool and woolen clothing have declined in recent months. Ashok, chairman of the Indian Wool and Woolen Products Export Promotion Council (WWEPC), said: “Currently, the export performance of wool and woolen garments is not very good, with orders falling by 25% to 30%. This is mainly due to the slow economic recovery in Europe and the United States. Certainty.”
In addition to the export market, another major uncertainty faced by Indian woolen garment manufacturers is the change in the Indian rupee exchange rate. Ashok emphasized: “The depreciation of the rupee has not benefited woolen garment exporters because most of the raw materials used to manufacture garments are imported. With the depreciation of the Indian rupee, these imported raw materials are more expensive.” To reverse the trend of woolen garment exports decline, the Indian Wool and Wool Fabrics Export Promotion Council has begun to emphasize the development of new markets.
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