Vietnam’s textile and garment industry is expecting exports to reach up to $200 billion by 2035 thanks to investment in new technology and automation, and a shift in production methods.
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Textile exports are likely to miss the $45 billion target for 2017-18, as the industry reels under the impact of GST roll out and tariff advantages enjoyed by competitors like Bangladesh and Vietnam, according to textile industry body CITI.
The special package was raised considering the fact that there were blockages of funds in previous year as very few GST refunds were cleared between July and December, says Avinash Mayekar.
Finance Minister Arun Jaitley in the Union Budget 2018-19 raised special package by 19 per cent to Rs 71.48 billion for apparel sector to boost exports. In 2016, the government had announced a special package of Rs 60 billion for the same purpose.
There has been an increase in Textile & Apparel (T&A) exports in November 2017 after witnessing decline since May last year.
Uzbekistan produces around 1.4 million tonnes of cotton fibre annually, of which about 60 per cent is consumed domestically.
Exports of home textiles from Egypt increased 4.8 per cent year-on-year in January-November 2017. Exports during the eleven-month period were valued at $664 million, as against $443 million registered in the same period last year, according to the Egyptian Home Textiles Export Council (HTEC), under the ministry of foreign trade and industry.