For the year 2016-17, India is on the verge of missing the set target of $610 million of Wool and wool-blended exports because the demand in global markets is weak and prices of the goods are low.
The main export markets for Indian wool are the European Union, USA, and UAE and those are currently undergoing a downtrend.
from April16-January17, according to a data made by Director General of Commercial Intelligence and Statistics (DGCI&S), when compared with the wool exports in the same period a year ago, the wool and wool-blended product exports were at $328.10 million (Rs. 2,204.13 crores) which is a fall of 18% in dollars. In 2015-16, the value of total woolen exports was $462 million (Rs 3,013 crore).
Followed by Maharashtra and Rajasthan the highest exports happen from Punjab which is 35%. in Ludhiana and Amritsar, This fall in international demand has impacted the businesses of the medium-sized manufacturers.
The fall in demand here impacts the entire woolen exports of India as about 70% of the exports are done to the USA and the European countries. As their dependency on these markets is reduced so the woolen exporters and manufacturers want to explore more markets.
By the Indian exporters, Kazakhstan, Australia, Germany, China and more markets are being explored.
To organise a meeting between the buyers and sellers annually, Wool & Woollens Export Promotion Council (WWEPC) has been suggested to facilitate the sales. To zero down the import duty on raw wool and woolen textile machinery and an increase in duty drawback rates, the woolen industry has asserted the government. On woolen textile machinery, the import duty is between 7.5% and 15% currently.
