Business from overseas markets has been a major contributor to the growth of Indian home textiles industry. Covid 19 and the US-China spat can be instrumental in further increasing India’s share in the global home textiles market, says Rakesh Rao.
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In this interview, Pulkit Agarwal, Associate Director, CARE Ratings, analyses the performance of Indian home textiles industry and the effect of the second Covid wave on the industry.
According to A Sakthivel, Chairman, Apparel Export Promotion Council (AEPC), India’s merchandise exports are going to touch $400 billion this fiscal year.
Pakistan saw 3.4 times increase in textile exports in April 2021. This growth was due to the low base effect in April 2020 when the first wave of COVID-19 affected industrial activity across the globe and in Pakistan.
Pakistan’s textile export saw a rise of 17.35% during the first ten months of the current year against the same time last year. As per Pakistan Bureau of Statistics (PBS), it saw a surge of 213% on a year-to-year basis.
Myanmar’s political instability, lockdown in Cambodia and a the COVID-19 situation in India has prompted international retailers and brands to divert work orders to Bangladesh. Export earnings hit $3.13 billion in April.
According to US Census Bureau, exports from Cambodia to the US were $6.6 billion in 2020, which was 22.79% higher than that of last year. Q1 of this year saw total exports of $1.86 billion even amid stoppages.