Figures suggesting that textiles exports are up again: Piyush Goyal
The Hindu
Many countries are facing foreign exchange problems post-Ukraine conflict, Mr. Goyal said
The country’s textiles exports have started showing signs of growth after getting impacted due to issues like problems of foreign exchange in many countries and large inventories due to the Russia-Ukraine war, Union Minister Piyush Goyal said on March 11.
The textiles minister also expressed hope that exports of cotton and yarn would start reigniting from April.
“Textiles exports have a twin problem. Many countries are facing foreign exchange problems post-Ukraine conflict, due to which many destinations have cut down non-essential imports,” he told reporters here.
Citing an example, he said an Indian consignment of 100 containers to Egypt came back as the African nation did not have foreign exchange to pay for it.
Many countries are not accepting non-essential goods from outside their territory, he added.
Another reason was that, he said, post-COVID there was a lot of pent-up demands, people were purchasing in large quantities of products like textiles and gems and jewelery.
But soon after the Ukraine conflict, inflation went up by leaps and bounds and due to the growing inflation and the stress in economies and "we saw" inventories getting piled up and people slowed down their procurements, he said.