US recession hits apparel industry in Tamil Nadu

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Tirupur (Tamil Nadu), Oct 18 : Coimbatore's apparel industry is severely hit due to the ongoing recession in US economy and is now receiving only few export orders.

The present economic crisis in the United States has affected the apparel industry with the apparel exports going down by 15 per cent in Tirupur. In knitwear exports, Tirupur has registered a fall of five per cent.

The Apparel Exports Promotion Council is taking various steps to meet the present crisis.

"Well this crisis in US is affecting us a lot. We are definitely expecting a drop of 10-15 per cent in the immediate future. Stores are coming in. I have the reports. The buyers who are coming in are not buying in as large quantities as they were buying earlier. The orders are already down by 20-25 per cent in terms of quantity," said Rakesh Vaid, Charirman, Apparel Exports Promotion Council.

Tirupur is a major source of foreign exchange earnings for the country because of its exports. 56 per cent of India's total knitwear exports comes from Tirupur.

"Tirupur exports apparels worth 14,000 crores. Total knitwear export is 16,500 crores. But this year, we expect about five per cent minus growth rate because of the recession in United States so we may do 10,500 crores, about five per cent less," said Sakthivel, president, Tirupur Exporters Association.

Tirupur is famous for the export of all knitted garment wears such as t-shirts, polo - shirts, sweat shirts, banyans, pajamas and night dresses on various fabrics like single jersey, interlock, fleece, polar fleece, pique jersey, pointelle jersey, rib, pointelle rib and drop needle.

The textile and clothing sector is the largest employer after agriculture and accounts for nearly four per cent of India's gross domestic product. By JehovahANI)

ANI

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