Ongoing Conflict in West Asia- A matter of serious concern for MMF exporters –  Shri  Shaleen Toshniwal , Chairman, MATEXIL

“The continuing conflict in West Asia is a matter of serious concern for exporters. The sharp rise in crude oil prices is directly impacting the cost of key raw materials such as manmade fibres, thereby putting immense pressure on the entire value chain,” said Shri  Toshniwal.

Additionally, the steep increase in freight costs including War Risk Surcharge charged by the Shipping Companies, increase in insurance premiums  and subdued demand in major markets  due to inflationary pressures created by rising oil prices  and cautious consumer spending have aggravated the problems faced by the exporters , according to the Chairman , MATEXIL. 

According to Shri  Toshniwal “even if the situation improves in the new future , it will take considerable time  for the prices of manmade fibre  raw-materials to stabilize and come back to the pre- February 28 level”.

While acknowledging that external factors are beyond control, Shri Toshniwal urged industry stakeholders to respond with maturity and cooperation to deal with this difficult  situation and to avoid opportunistic  pricing .

Shri Shaleen Toshniwal thanked the Government  for announcing various relief measures under the EPM ( Export Promotion Mission ).

He also expressed his confidence  that  trade agreements signed by India with 38 countries will lead to greater market access and increase in exports in the days to come .

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