India’s textile industry is well on the road to recovery following the sharp slump triggered by the events of September 11 with exports to several European nations on the up, officials said on Monday.
According to the Indian Cotton Mills Federation, textile exports to Germany jumped 36 per cent in April from the year-ago period, with exports to Spain up 40 per cent, Italy 20 per cent and the UAE 19 per cent.
Exports to the US were up slightly at $160 million from $159m in April 2001, with higher demand for cotton yarns and fabric behind the rises in Europe and North America.
Indian Cotton Mills Federation president, Rajaram Jaipuria, said: “The pickup in exports and decline in imports augurs well for the Indian textile industry which is showing signs of recovery after a long spell of decline caused mainly by lack of domestic and export demand.
“The turnaround in exports to the US suggests a turnaround in exports is round the corner after hitting a cliff hanger triggered mainly by the economic slowdown and the events of 9/11.”
He added total textile imports for April fell to $63m from $68m last year with a reduction in soft goods entering India from South Korea the main reason for the plunge.