IMPACT OF COVID 19 ON TEXTILE EXPORT    

Authors : SURBHI VERMA, Dr. ANIMESH SINGH

Publishing Date : 2023

DOI : https://doi.org/10.52458/9789391842291.2023.eb.grf

ISBN : 978-93-91842-29-1

Pages : 93

Chapter id : GRF/EB/DPMR/2023/Ch-17

Abstract : Almost everyone on the planet is affected by the Covid 19 pandemic. Vaccines have been deployed, but in some countries, especially the United States and India, the number of cases is still increasing, leading to further government regulation that impedes the normal operation of the economy. The textile industry is primarily interested in the design, manufacture and sale of yarns, fabrics and garments. You can use natural or processed raw materials and products from the chemical industry. The global textile industry includes the import and export of textiles and their products (including both finished and raw materials) and some domestic trade. The textile sector is heavily influenced by government policy. Good trade relations can only be achieved if the policies of both countries complement each other. In the long run, the government's protective trade-oriented measures will damage trade relations (even for a short period of time). Many countries have experienced this in the past. For example, the 2012 cotton export ban in India has sparked fierce protests in the global textile industry. As a result of Covid19, several garment factories in China were closed and exports of Indian textiles, yarns and other materials were curtailed. As a result of the turmoil, cotton yarn exports will be halved and India's spinning production will be halved. This blockade disrupts service and product supply, damages the textile industry and puts financial institutions at risk. This decision will have a significant impact on demand from producers (cotton farmers) who have already experienced price cuts and are afraid that prices will fall further if the crisis continues. India's tax exemption access to China's cotton yarn exports is clearly a disadvantage compared to other Asian countries such as Pakistan, Bangladesh and Indonesia. Meanwhile, the ongoing crisis in China affects all sectors in which China is a major exporter.

Keywords : TEXTILE, EXPORT

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