Indian Textile Industry ¨C Scope for Collaboration & Cooperation with China
¡ª¡ªSanjay K Jain, Chairman of Confederation of Indian Textile Industry (CITI) & Managing Director of TT Ltd,
2018-06-22 12:30:43
Sanjay K Jain, Chairman of Confederation of Indian Textile Industry (CITI) & Managing Director of TT Ltd, presented his report of Indian Textile Industry ¨C Scope for Collaboration & Cooperation with China
His report was divided into four parts.
Firstly, Mr. Sanjay K Jain introduced India¡¯s economy situation. India has a growing market opportunity and it is a large and growing economy. India¡¯s GDP is growing at faster rate than the world growth rate and is the 6th largest economy in terms of GDP at current prices. Now India is active in attracting Foreign Direct Investment. The FDI inflows reached USD 44 billion in 2016, reflecting good investment environment.
Secondly, he made an introduction to India¡¯s textile and apparel industry. India¡¯s total textile and apparel market is worth US$ 121 billion, holding national importance. India is not only a competitive export destination but also a large market for textile and apparel products. India has large manufacturing capacities across the manufacturing value chain, is the second largest exporter of textile and apparel products and the largest producer and second largest consumer of cotton. Among India¡¯s textile and apparel exports, apparel exports take up 46%. China¡¯s total textile & apparel imports totaled USD $31 billion while India¡¯s textile & apparel exports to China only $1.3 billion.
Thirdly, he discussed India & China textile trade enhancement possibilities. India is a net importer vis-¨¤-vis trade with China. India¡¯s imports from China was US$ 69 billion while total exports to China was only US$ 12.6 billion in 2017-18. The import value of India from China amounted to USD $69 billion while export value to China only USD $12.6 billion with a share of 4%. However, China shared 41% of India¡¯s total textile and apparel imports. India is very competitive in manufacturing cotton based textiles and shows big advantage in spinning productivity and efficiency. There is immense opportunity for India to enhance trade of cotton based textiles with China as China imports significant quantum of cotton textiles.
Fourth, he predicted the yarn price trend. There are so many factors which may influence the yarn prices. He suggested to decide your yarn buying strategy on basis of your own situation. Based on all factors, he felt cotton yarn prices (in USD) will slowly & steadily keep moving up. He also mentioned that Europe FTA ¨C negotiations are on and tariff in China for Indian yarn will have impacts on Indian market operation. India would get a level playing field in major markets and exporters and importers from both Indian and China can collaborate closely to leverage each other¡¯s strength for mutual benefits.
His report was divided into four parts.
Firstly, Mr. Sanjay K Jain introduced India¡¯s economy situation. India has a growing market opportunity and it is a large and growing economy. India¡¯s GDP is growing at faster rate than the world growth rate and is the 6th largest economy in terms of GDP at current prices. Now India is active in attracting Foreign Direct Investment. The FDI inflows reached USD 44 billion in 2016, reflecting good investment environment.
Secondly, he made an introduction to India¡¯s textile and apparel industry. India¡¯s total textile and apparel market is worth US$ 121 billion, holding national importance. India is not only a competitive export destination but also a large market for textile and apparel products. India has large manufacturing capacities across the manufacturing value chain, is the second largest exporter of textile and apparel products and the largest producer and second largest consumer of cotton. Among India¡¯s textile and apparel exports, apparel exports take up 46%. China¡¯s total textile & apparel imports totaled USD $31 billion while India¡¯s textile & apparel exports to China only $1.3 billion.
Thirdly, he discussed India & China textile trade enhancement possibilities. India is a net importer vis-¨¤-vis trade with China. India¡¯s imports from China was US$ 69 billion while total exports to China was only US$ 12.6 billion in 2017-18. The import value of India from China amounted to USD $69 billion while export value to China only USD $12.6 billion with a share of 4%. However, China shared 41% of India¡¯s total textile and apparel imports. India is very competitive in manufacturing cotton based textiles and shows big advantage in spinning productivity and efficiency. There is immense opportunity for India to enhance trade of cotton based textiles with China as China imports significant quantum of cotton textiles.
Fourth, he predicted the yarn price trend. There are so many factors which may influence the yarn prices. He suggested to decide your yarn buying strategy on basis of your own situation. Based on all factors, he felt cotton yarn prices (in USD) will slowly & steadily keep moving up. He also mentioned that Europe FTA ¨C negotiations are on and tariff in China for Indian yarn will have impacts on Indian market operation. India would get a level playing field in major markets and exporters and importers from both Indian and China can collaborate closely to leverage each other¡¯s strength for mutual benefits.
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