But in dollar terms, exports were down by 2 per cent at $247 million from the previous year's $252 million, mainly due to the appreciation of the dollar against the domestic currency.

In terms of quantity, exports were higher at 62,921 tonnes during the first quarter of fiscal 1998-99 as against 53,308 tonnes during the same quarter of last year.

Among synthetic textiles, exports of synthetic yarns grew by 37 per cent at 41,758 tonnes during the first quarter compared with 30,535 tonnes during the same period last year. And this appears commendable feat when the competing countries like Indonesia, Taiwan and South Korea resorted to dumping the synthetic yarn in the overseas market. The yarn prices tumbled abroad but due to a growth in volume, India could fetch at least a 5.6 per cent more in dollar value ofyarn exports and 20 per cent in rupee terms.

The average price realisation of synthetic yarn during the first three months of 1998-99 was down by 23 per cent at $2,154 per tonne as compared with $2,790 per tonne for the same period last year.

Synthetic fabrics that account for more than half the exports in the synthetic textile segment, declined by 8 per cent at $131 million but increased by 11 per cent at Rs 469 crore on a 3 per cent growth in tonnage during April-June 1998. Its average price realisation at $ 7090 per tonne during this period was 10 per cent below the previous year's price level.

It was just the opposite for synthetic made-ups, exports declined by 5 per cent in real terms at 2,866 tonnes but increased in dollar terms by 10 per cent at $34.65 million due to good prices.

The average price for these during the first quarter of the current year was $12,090 per tonne, up by 14 per cent over the corresponding period of the previous year.

According to sources at the Synthetic & RayonTextiles Export Promotion Council (SRTEPC), the prices of major petrochemicals, fibres, yarn are going down but the certain speciality yarn and speciality products fetch good prices.

Moreover, synthetic yarn manufacturers have to somehow sell their yarn at whatever price in the export market since there is no demand for these yarns in the domestic market.

According to the SRTEPC, the target for this fiscal is set at Rs 5,650 crore but going by the falling prices abroad and depreciating rupee, it is difficult to predict the possible outcome.