Mumbai, July 21: Exporters of textiles and chemicals stand to gain from the revaluation of the Chinese currency as it willmake Indian products more competitive globally.

China poses stiff competition to India in textiles because of its price advantage and the scale of operations.

In the post-quota regime, there has been a sharp growth in exports to developed markets. However, India’s achievements are dwarfed when compared with the stupendous growth rates of China because of its price competitiveness. This is now likely to get eroded due to the revaluation of the yuan, exporters said.

“The revaluation bodes well for the Indian exporters of chemicals and dyes too. Chinese manufacturers will now get relatively less dollars for sales in the US. To combat this, Chinese firms will have to raise their product prices, which might prove advantageous for Indian goods,” an exporter said.

However, Premal Udani of the Clothing Manufacturers Association of India said the 2 per cent change is “meaningless and symbolic”.