Coir exports to touch Rs 700 crore this year

Kochi, Oct 12 (UNI) Describing the revival of coir exports as a 'remarkable success story', Union Minister of State for Commerce Jairam Ramesh said it was expected to touch Rs 700 crore this year.

Addressing a press meet here after visiting some coir units in neighbouring Alappuzha district, Mr Ramesh said the coir sector, which was thought to be dying, had shown major improvement in export performance during the past three years.

Coir exports had grown at 28 per cent per year in dollar terms as against average export growth rate of 20 per cent for other goods.

Coir exports had touched Rs 595 crore last year and were expected to reach Rs 700 crore this year. Till August this year, exports worth over Rs 200 crore had been achieved, marking a 17.3 per cent increase over the same period last year.

'It is certainly possible for us to target Rs 1,000 crore export by 2010 and Rs 10,000 crore by 2016.' While 35 per cent of exports were to the US, new markets were also being explored in the UK, Europe and the West Asia, he said.

The Minister said coir had been taken up for promotion under the 'India Brand Equity Fund' to build it up as a typical Indian brand in the overseas market. Under IBEF, with corpus of Rs 200 crore, brand building and market exploration incentives were given to exporters.

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