Published on : Jun 12, 2014
India has overtaken Italy and Germany in 2013 to emerge as the second-largest textile exporter in the world. It now ranks only behind China on the global level. The Apparel Export Promotion Council’s new data shows that textile exports from India were worth USD 40 billion in 2013. However, there is a gaping gap between India and China with the latter’s textile exports being close to USD 274 billion – nearly seven times more than India.
India’s share in the textile trade globally showed an 18% increase in 2013 as compared to the previous year, AEPC data shows. This enabled India to capture a larger share of the global textile market, which grew at 6% in 2013. The most significant growth came from the readymade apparel industry in India, which reported a 23% increase. Apparels that were exported include: skirts, trousers, and shirts. Last year, India held the 6th position in the export of readymade garments with USD 16 billion worth of exports. The apparel segment accounted for about 40% of the total textile exports from India.
According to APEC chairman Virender Uppal, India’s growth has been phenomenal, especially given that the global textile industry growth rate is just 4.7%, in comparison to India’s robust 23 percent. This growth rate is higher than that of China and Bangladesh, who reported 11.4% and 15.4%, respectively.