India'S Textile Exports Will Benefit From The Change In The RMB Exchange Rate.
Tuesday, India
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An official of the Ministry said that China's decision to increase its flexibility in foreign exchange rate is good news for textile exporters in India.
In 2010-11 years (April -3 months), India's textile exports amounted to US $25 billion.
The official said that this is a good sign for India's textile exports.
China maintains a low degree of manipulation of RMB. If China allows flexible exchange rate regime, the yuan will appreciate 10% against the US dollar.
D.K. Nair, Secretary General of India Textile Industry Federation, said that exports to Europe and America accounted for 60% of India's textile exports, and exports were in US dollars.
RMB appreciated 10% against the US dollar, India
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Goods export prices will be much cheaper.
At present, China's currency is artificially pegged to the US dollar, so the cost of clothing in India is 10-15% higher than the cost of Chinese clothing.
D.K. Nair said that China's move will also help reduce domestic cotton prices, and China imports a lot of cotton from India because of insufficient production in China.
This has led to a sharp rise in cotton prices in India.
He said that for Chinese importers, the appreciation of the renminbi will make India cotton prices even higher.
This will be conducive to the shortage of raw materials in India.
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Industry.
He said that the shortage of cotton in China led to the layoffs in the domestic textile industry.
If the renminbi appreciates, it will benefit India in two ways.
However, it is difficult to quantify how much India textile exports can increase.
India should export only excess cotton every year, so as not to affect the domestic textile industry.
India textile industry is the second largest employment industry in India, next only to agriculture.
He said that the India Cotton Information Committee should determine the remaining amount of cotton once a month.
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