India rises in textile export ranking but Bangladesh catching up fast
Updated: Jun 03, 2014 01:21:54pm
New Delhi, Jun 3 (KNN) India has emerged as the second largest exporter of textile after China but the cost effective Bangladesh is catching up fast joining the club of top five.
According to data released by UN Comtrade, smaller countries such as Bangladesh and Vietnam have overtaken India in recent years as major suppliers to retail chains in Europe and the US.
Bangladesh managed to push to 18 per cent growth in the garments export in 2013, compared to global growth of 6 per cent.
Currently, India’s textiles export to the world is USD 40.2 billion. This growth is phenomenal as the global textiles growth rate is only 4.7 per cent compared to India as it has registered growth of 23 per cent beating China and Bangladesh which has registered 11.4 per cent and 15.4 per cent, respectively, official data said.
Commenting on the impressive growth, the Apparel Export Promotion Council (AEPC) Chairman Virender Uppal said the government policy of diversification of market and product base has helped the country venture into the newer markets, which has paid huge dividends.
“Despite having slow recovery in USA and EU, our biggest traditional markets as well as prevailing global slowdown coupled with sustained cost of inflationary inputs, we made the best possible efforts to reach here,” he said.
Referring to the constriction faced by the exporters, Uppal said the new government must boost the country’s apparel exports.
“The availability of specialty fabric is a big bottleneck for which AEPC has been aggressively demanding 5 per cent duty scrip for the imports of fabrics. It must be considered favourably by the new Government to boost India’s apparel exports,” he said.
He said rising interest rate is another issue which hampers growth for which the council once again has put in its request to the government for a separate chapter for pre and post shipment export credit at fixed rate of 7 per cent interest.
He also requested the government to concede ready-made garment as utmost priority sector. (KNN/ST)
According to data released by UN Comtrade, smaller countries such as Bangladesh and Vietnam have overtaken India in recent years as major suppliers to retail chains in Europe and the US.
Bangladesh managed to push to 18 per cent growth in the garments export in 2013, compared to global growth of 6 per cent.
Currently, India’s textiles export to the world is USD 40.2 billion. This growth is phenomenal as the global textiles growth rate is only 4.7 per cent compared to India as it has registered growth of 23 per cent beating China and Bangladesh which has registered 11.4 per cent and 15.4 per cent, respectively, official data said.
Commenting on the impressive growth, the Apparel Export Promotion Council (AEPC) Chairman Virender Uppal said the government policy of diversification of market and product base has helped the country venture into the newer markets, which has paid huge dividends.
“Despite having slow recovery in USA and EU, our biggest traditional markets as well as prevailing global slowdown coupled with sustained cost of inflationary inputs, we made the best possible efforts to reach here,” he said.
Referring to the constriction faced by the exporters, Uppal said the new government must boost the country’s apparel exports.
“The availability of specialty fabric is a big bottleneck for which AEPC has been aggressively demanding 5 per cent duty scrip for the imports of fabrics. It must be considered favourably by the new Government to boost India’s apparel exports,” he said.
He said rising interest rate is another issue which hampers growth for which the council once again has put in its request to the government for a separate chapter for pre and post shipment export credit at fixed rate of 7 per cent interest.
He also requested the government to concede ready-made garment as utmost priority sector. (KNN/ST)
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