Cambodia’s export to the US is hitting snags, with the garment and footwear exports from Cambodia to the US falling by eight per cent during the first half of the year. Garments comprise the largest component of Cambodia’s export basket to the United States, the country’s biggest single country export market.
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The abolition of quota system in 2005 witnessed the new emerging markets in Asia and China for textile manufacturing and sourcing by the developed countries in the West. China surged ahead of all Asian countries and cornered maximum market share.
Spinning has been good in India, but looking at the trend unfolding in the last six months, it needs a relook. One is the Technology Upgradation Fund (TUF) which has been temporarily stopped. Secondly, the yarn export to China has virtually come to a standstill.
Founded in 1962 to provide the Indian textile mills with the latest spinning technology, Lakshmi Machine Works Ltd (LMW) is today a global player and one among the three manufacturers of the entire range of textile machinery from blow room to ring spinning. Currently, LMW holds 60 per cent market share in the domestic textile spinning
Textile exports in 2014-15 registered a 3 per cent growth at $41.7 billion, against the targeted $45 billion. There was a significant uptick in the overseas sales of handicrafts (17 per cent), carpets (15 per cent), ready made garments (12 per cent), silk (13 per cent), and wool and woollen textiles (18 per cent).
In the 2015-16 season, world cotton imports may recover modestly, increasing 2 per cent to 7.7 mts with imports outside of China rising by 3 per cent to 6.1 mts. In 2011-12, Chinese imports more than doubled from the previous season to 5.3 mts and surpassed the total volume of imports by the rest of world, which reached only 4.4 mts.
Among the emerging markets for textile machinery, Vietnam is one of the most promising one. The heading target for the local authorities is to raise Vietnam up to the leading textile and apparel export countries.