Crisis in Afghanistan traps Surat textile exporters Rs 4,000 crore

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Surat: India's importers and exporters are facing difficulties due to political unrest in Afghanistan. In which, the concern of Surat traders has increased as the payment of Rs 2,000 crore of textile industries has been trapped. According to Champalal Bothhar, general secretary of the Federation of Surat Textile Traders Association, we used to send textile fabrics and textiles to Afghanistan via Dubai. When we saw that it was getting cheaper to export from Bangladesh, we started sending goods from Bangladesh to Afghanistan. However, exports have stalled due to the Taliban crisis. There is no information on when the outstanding payment will be received. Our traders are stuck with payments of Rs 5,000 crore.

Afghanistan exports readymade garments and turbans such as silk fabrics, scarves, dresses and kaftans made in Indian textile mills. The Federation of India Export Organizations (FEO) has asked importers and exporters to wait for the outstanding payment.

According to Fiona Director General Ajay Sahay, Afghanistan's currency has depreciated significantly against the dollar over the past week. One week ago, there were 50 Afghanis in Afghan currency against 1 US dollar, now there are 3 Afghanis. This is a good thing for exporters but it is a problem for importers. He added that Afghan traders had said that the central bank had not provided enough dollars to local banks. This means that traders there will not be able to pay exporters,

The Central Bank of Afghanistan has instructed commercial banks not to allow corporate bank account holders to withdraw money for any purpose or to conduct electronic transactions inside or outside the country.

There are 20 textile mills in Surat with 2.50 lakh traders and 1 lakh embroidery units. It employs about 11 lakh people.


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