INDIA: Silk Exports Set To Rocket Says Report
India's silk exporters are set to make significant gains over the next few years at the expense of their main rivals China and South Korea, a survey claimed on Monday.
According to the Exim Bank study, India's silk producers are set to cash in on higher demand from their developing Asian neighbours as well as more developed countries.
India produces about 18,000 tonnes of raw silk a year, of which it exports $530 million, and has a global market share of 19 per cent compared to China's 75 per cent.
"Rapid industrialisation in China and Korea would open more export opportunities for India as these countries are likely to reduce land allocation for sericulture practices," the study said.
"In the WTO arena, reduction in the present high import tariff level for silk in developed markets would provide export opportunities for Indian silk exporters."
However, the report also warned that the development of new synthetic fibres could hit Indian silk orders and that the industry should promote itself better in order to see off that threat.
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