India’s textile export target for this fiscal year is US$100 million
According to Indian media reports, India expects textile exports to reach US$28 billion this fiscal year, an increase of 12% over the previous year.
Officials from the Indian Ministry of Textiles pointed out that although the economic situation in Europe and the United States is not yet clear, the demand for textiles in emerging markets, including Latin America and Africa, is rising.
The European and American markets account for more than 50% of India’s export market. From 2011 to 2012, India’s textile exports were US$34 billion, and from 2010 to 2011, textile exports were US$26.8 billion.
India’s textile exports continue to lag behind other competitors. Last year, China’s textile exports accounted for 28.3% of global textile exports, while India’s textile exports accounted for only 4.3%.
The Chairman of the Federation of Indian Export Organizations said that the Indian textile industry needs to pay attention to emerging markets, including Latin America and Africa, where there is huge import demand. Indian apparel products currently face many challenges, including labor, safety and health issues. India needs to become more competitive in these areas. From 2011 to 2012, India needs to diversify its export markets. The main reasons include the possibility of trade protection measures by its trading partners and to avoid global economic uncertainty.
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