Ongoing EU debt crisis troubles Panipat textile exporters
Mr. Prem Sagar Vij, President of Panipat Exporters Association, told fibre2fashion, “Textile exporters in Panipat are really worried about the ongoing crisis in Europe.”
"European buyers are very uncertain about the orders they have placed and there is no stability in prices as well as no possibility for long-term commitments,” he adds.
Mr. Prem Sagar informs, “We export around 30 percent of textile goods to Europe and currently we are exploring opportunities for exporting our products to countries in South America and in some middle-east countries like the UAE.”
Mr. Sanjeev Dudeja, CEO of Impact Art Exports, one of the Panipat-based home textile manufacturing and exporting company, says, “At present, we are not getting any orders from Europe and it is having huge impact on our business.”
"We are now concentrating on countries like the UAE, Australia, Canada, South Africa and the US to export our goods,” he adds.
Impact Art Export produces and supplies home textile products such as carpets, bed spreads, cushion covers, windows and door curtains, etc.
Another Panipat-based company, Passion Exports, trader and exporter of home furnishing products, is also enduring from heavy loss because of European debt crisis.
Mr. Parmod Verma, owner of Passion Exports, says, “We are not getting orders from Europe and the business has come down to 50 percent.”
According to Mr. Sumit Gupta, owner of Shivam Exports, which produces and supplies bed cover, sofa cover, table cover, cushions, rugs and curtains, the company’s turnover had dropped by 40 percent and the company is looking forward to exporting to other countries like the US, Australia and Japan. “To overcome this crisis, we are planning to introduce our products to unexplored markets,” he quips.
Source: Fibre2fashion
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