India Gains Second Spot In Textile Exports Worldwide
India Gains Second Spot In Textile Exports Worldwide
India has beaten Germany and Italy to become the second largest textile exporter across the globe. It has yet to beat China which has 7 times the number of exports as compared to India. Statistics released by the Apparel Export Promotion Council demonstrate that Indian textile exports reached nearly $40 billion in the year 2013. This is in comparison to China which has earned around $274 billion.
The textiles produced by the Indian industry which were taken into account to compute the data included fibre, yarn and fabric along with made up and readymade garments such as synthetic yarn, wool and silk. Around 55% of the international trade for readymade garments from India is a total of 40% of the nation's entire range of textile exports. India is ranked as number 6 for the year 2013, when it comes to export of ready to wear garments. China has a larger share of the readymade garment industry. It has 60% of the total industry devoted to readymade garments.
Alongside China, Italy and Germany along with Asian nation such as Bangladesh and Vietnam have overtaken India as major suppliers for retail chains in Europe and the United States. These countries have the advantages of cheap labor and lower-duty access as compared to the conditions that prevail in India.
In the past few months, the Indian textile industry has experienced a resurgence and it saw a 23% rise in exports of shirts, skirts and other ready to wear items in the past year. The shift in the focus on markets other than just EU and the US have also helped the Indian textile industry to diversify and expand. Despite a slow recovery in the US and EU, traditional markets being beset with the financial slowdown, efforts have been made to reach the aim of expanding here as well. Government's policy of diversification of market and product base have frutified into brighter prospects for the textile industry in India. Raw material strengths have been leveraged so that India is able to follow better compliance and attract buyers across the world, according to the AEPC chairman Virender Uppal.
The spurt in growth of these industries in Oman, UAE, Poland, Russian Federation and Malaysia are paving the way for a brighter future for this industry in general. India's rich history and cultural legacy of producing the finest textiles in the world can be traced back to the medieval eras. In fact, Indian muslin was so fine that reams of it could be passed through a small finger ring with ease. From rich silks to fine cotton, Indian textile is versatile. It has been used by international designers to carve out fantastic creations.
Some of the world's finest and most exquisite textiles are produced in India. Of special importance to India is our handloom industry which generates employment for people and symbolises India's rich legacy in arts and handicrafts. The government needs to nurture our textile industry so that one day, India can be number 1 when it comes to exporting fabrics as well as readymade materials.
