India's Woolen Product Exports Are Likely to Surpass US$ 500 Million Target Set

India's woolen product exports are likely to surpass US$ 500 million target set for the current financial year 2013-14 due to growing demand from the US and the EU, Ashok Jaidka, chairman of Wool & Woollens Export Promotion Council (WWEPC) has said, Business Standard reported quoting PTI.

Mr. Jaidka said Indian woolen product exports would be 1-2 percent above the $500 million target for the current year as demand for woolen items has reemerged in the US as well as the European countries.

He mentioned that the Indian wool exporters took part in several exhibitions in various countries this year and received good number of orders, especially from France, Italy, the UK and the US.

From April 2013 to January 2014, India’s woolen product exports increased by 2 percent to $358.31 million, compared to exports of $351.63 million made during the same period of last fiscal year.

In 2012-13, wool and woolen product exports earned $417.26 million for India, far short of the $750 million target set for the year, owing to sluggish demand.

Subsequently, the country’s woolen items export target was decreased to $500 million for the current fiscal year.

To give a push to India’s woolen exports, the Ministry of Textiles has extended the 10 percent rebate on purchase of the yarn available to the handicrafts sector to the purchase of woolen yarn as well.