Textile exports estimated at $34 billion during FY'12

NEW DELHI: The government today said the country's textiles exports are estimated at USD 34 billion during the 2011-12 fiscal.

"Textiles exports for the year 2011-12 are projected at USD 34 billion," Minister of State for Textiles Panabaaka Lakshmi said in a written reply to the Lok Sabha.

During 2010-11, the textiles sector achieved exports of USD 26.8 billion.

The main markets for India's textiles exports are the US and Europe.

To reduce dependence on these markets, the exporters are exploring new markets including in Latin America and Japan.

To a question on improving silk production, the Minister said the government has taken steps to improve productivity of cocoons and raw-silk. It has strengthened the extension support to the farmers and is developing improved seeds, she said.

The demand-supply gap of raw-silk is estimated at 7,406 metric tonnes (MTs) in 2011-12 compared to 11,742 MTs during the previous year, she said adding the gap is being met through imports, mainly from China.