Over the years, global exports in Textiles & Apparels (T&A) have increased from around $768 billion in 2015 to around $818 billion in 2019. In 2019, China ranks highest as the world’s top exporter of T&A with a share of around 32 percent in total world exports of T&A followed by Bangladesh (5.25 percent), Vietnam (4.82 percent), Germany (4.67 percent), Italy (4.4 percent) and India (4.34 percent), etc.
Globally, while China remains the most dominant player by a wide margin in both textiles and apparels, India has been beaten by both Vietnam and Bangladesh in recent years in apparel exports. It is interesting to note that economies such as Bangladesh and Vietnam have been able to increase their share in global T&A exports.
In the case of Bangladesh, the share in global exports of T&A has increased at a CAGR of 10.95 percent from 3.69 percent in 2015 to 5.25 percent in 2019. While for Vietnam, the share in global exports of T&A has increased at a CAGR of 9.66 percent from 3.55 percent to 4.82 percent during the same period.
On the other hand, India ranks 6th in the top 10 world exporters of T&A and has witnessed a decline in its share in global exports of T&A from 4.84 percent in 2015 to 4.34 percent in 2018 at a CAGR of (–) 1.14 percent (Trade Map, 2019). Also, the share of the textiles sector in India’s overall merchandise exports has been sliding consistently in recent years, having dropped from as much as 13.7 percent in FY2016 to just 10.8 percent in FY2020.
Moreover, India’s textiles sector has been unable to increase its share in global T&A exports due to structural disabilities majorly impeding its growth. The sector presently is plagued with a lack of scale in manufacturing, a low level of investments, slow/stagnant export growth, lack of focus on R&D, credit availability, market accessibility, inadequate infrastructure facilities, etc.
Read More at https://www.cnbctv18.com/economy/regaining-indias-position-in-global-textiles-trade-through-pli-scheme-for-mmf--technical-textiles-9781761.htm
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