India's Textile Exports Dip Over Five Years, Imports Surge: GTRI Report
Date
2/27/2024 4:17:15 AM
(MENAFN- KNN India) New Delhi, Feb 27 (KNN) India's textile and garment exports have experienced a decline over the past five years, decreasing by 7.6 per cent to USD 34.24 billion in the calendar year 2023 from USD 37.16 billion in 2018, according to a report by the Global Trade and Research Initiative (GTRI).
During the same period, India witnessed a notable increase of 25.46 per cent in textile and garment imports. This reached USD 9.18 billion in 2023 from USD 7.32 billion.
This indicates a shortfall in meeting domestic demand through local production, as highlighted in the report titled 'Regaining Textile Glory'.
The report suggests several measures to enhance the competitiveness of Indian textiles.
These include promoting synthetic apparel production and exports, bolstering the weaving and processing sectors, streamlining fabric supplies and imports, addressing potential non-tariff barriers in Free Trade Agreements (FTAs), liberalising labour laws, and ensuring more factories comply with Fast Fashion Industry (FFI) standards.
In 2023, India's garment exports amounted to a modest USD 14.5 billion, significantly lagging behind major players such as China (USD 114 billion), the European Union (EU) (USD 94.4 billion), Vietnam (USD 81.6 billion), and even Bangladesh (USD 43.8 billion), as emphasised in the report.
The report underscores India's considerable gap compared to China and the EU, while also trailing behind smaller nations like Bangladesh and Vietnam.
Over the decade from 2013 to 2023, Bangladesh experienced a remarkable 69.6 per cent growth in garment exports, Vietnam surged by 81.6 per cent, whereas India's growth was a mere 4.6 per cent.
The report notes that globalisation has profoundly impacted the garment industry, intensifying competition and prompting the relocation of production to countries with lower labour costs.
(KNN Bureau)
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