Demand for silk products has declined as cheaper polyester products have replaced silk goods the world over.
The worst affected is China where the silk yarn prices came down to $24 a kilo in 2006-2007 from $28 a kilo a year ago. China produces around 120,000 ton silk yarn annually. Of this, it imports 10,000 ton to India.
According to TV Maruthi, chairman of Indian Silk Export Promotion Council, the Indian market in recent times has made less demand for silk items. Indian raw silk and fabric imports declined remarkably in the past year, he added.
The total India import of raw silk from other countries was 4,069 ton during April to December in 2006,
according to the Silk Board, apex body of the Indian sericulture industry. In the same period a year ago, it imported 6,464 ton.
All is not lost for silk, though. Fashion experts predict a boost in the sales of silk products in 2008, the year they expect would be observed as the "silk year." Silk products would gain worldwide importance next year.
Chinese government and silk bodies plan to organize "The China International Silk Fair and Women's Wear Fair" in coming October. The fair would focus on chalking out a global program to increase demand for silk world wide, Maruthi said. China and India, two leading silk producers in the world, will discuss the matter, he added.