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The United States Issued A Knitting List To India By 15%.

2008/11/7 9:09:00 22

Trade news said that the global recession hit the order of knitwear from the United States, and the export of knitwear in India dropped by 15%.

Mr. A Sakthivel, President of the India Rupp Exporters Association (TEA), said the decline in orders from the US also responded to the European market.

The demand for knitted goods in Europe has dropped by 7% over the whole of Europe.

The United States imports about 50% of the knitted products from the clothing units of the Rupp belt every year.

Emperor Rupp is considered to be the knitwear capital of India. There are more than 3600 knitting units engaged in different kinds of cotton knitwear.

The export of knitwear accounted for 58% of India's total knitwear exports in the Rupp area.

Mr. Rupp said that because of the decline in orders from the United States, the total export of knitwear of emperor Rupp dropped by 10% in the current fiscal year.

In the financial year of 2006-07, India's knitting industry suffered losses as the India rupee dropped to 39 rupees against the US dollar.

Although the rupee depreciated to a 50 rupee mark in the last week of October, the US economic recession dragged down the promise of imports of knitwear, which is due to the closure of retailers in the United States, a major export unit in the Rupp area.

In the 2007-08 fiscal year, the export of knitwear in the Rupp area dropped to 99 billion 500 million rupees in the previous fiscal year, at 110 billion rupees.

Since the abolition of textile and clothing export quotas, the imperial Rupp region has recorded a 15% annual export growth rate.

Under such circumstances, the negative growth of 10% of exports means that the net loss of the Rupp area reached 25%.

In fact, in the 2008-09 fiscal year, the forecast of 10% decline in knitwear is expected to reduce 15000-20000 000 technical and semi skilled workers in the Rupp area.