India became 2nd largest textiles exporter after China: UN Comtrade
India became the 2nd largest exporter of global textiles after China.
India became the 2nd largest exporter of global textiles after China. This was revealed by a recent data released by the UN Comtrade.
The apparel exports ranking also improved from 8th position in 2012 to 6th position in 2013.
Global textile Export
In Global Textiles Exports, India now stands at second position beating its competitors like Italy, Germany and Bangladesh, with China still retaining its top position.
Currently India’s textiles exports to the world stand at 40.2 billion US dollar. Total global textiles exports stands at 772 billion US dollar with India commanding 5.2% of the share.
This growth in the increase in share of the textiles exports from India is largely attributed to the growth in the Apparel and Clothing sector as it accounts for the almost 43% of the share alone.
This growth is phenomenal as the global Textiles growth rate is only 4.7% compared to India’s growth of 23% beating China and Bangladesh which has registered 11.4% and 15.4%, respectively.
India’s share in global textiles has increased by 17.5% in the year 2013 compared to the 2012.
India’s apparel export was 15.7 billion US dollar in 2013 as against 12.9 billion US dollar in 2012.
India’s apparel export growth was highest registering 21.8% growth except for the Vietnam during the year 2013. Apparel Exports from India accounts for 3.7% of share in the Global Readymade Garment Exports.
Reasons for gaining the rank
The policy of Government of India of the diversification of market and product base has helped the exporters.
Exporters also leveraged the strength of raw material and followed sustained better compliance practices which attracted the buyers and international brands across globe to source from India.