India and Sri Lanka are major global apparel exporters while Taiwan has the manufacturing expertise encompassing multiple textile related sectors and is the sixth largest textile supplier in the world. The matching of these respective strengths is perfect for growing business locally and globally.
The India-Taiwan bilateral trade has grown to US$ 7.57 billion in 2011 which was 17.1% more than that of 2010. Indian exports to Taiwan were US$ 3.14 billion, an increase of 10.7% and imports from Taiwan were US$ 4.43 billion, an increase of 22%.
Trade had grown by 55% in 2010 over 2009. India now ranks as Taiwan’s 16th-largest trade partner, as well as the 15th-largest export destination market and the 16th-placed import country for Taiwan. Trade with India is expected to reach US$ 10 billion in the next three to four years. With the Eurozone and US in decline, the future is bright for bilateral trade between the two countries.
The Indian consumer spend is growing and that translates into increasing spends on garments and textiles. The domestic apparel market is growing at 10% per annum which is good news for both the Taiwanese manufacturer of innovative and functional fabrics and his Indian counterpart.
The Sri Lankan garment export industry has grown tremendously in the last few decades to the point that design, manufacture and export of textiles and clothing products is one of the biggest industries in Sri Lanka. Sri Lanka is among the top clothing-producing countries in the world relative to its population. The clothing industry of Sri Lanka employs about 15% of the country’s workforce with about 900 factories throughout country serving companies such as Victoria’s Secret, Liz Claiborne and Tommy Hilfiger to name just a few.
In the last 10 years, the Sri Lankan apparel industry has been contributing 39% to the industrial production of the country. It represents 43% of the country’s total exports. Since the 1970s, the industry has grown to become the country’s largest single source of export revenue. Its apparel industry is on high growth trajectory and is targeted to reach US$ 5 billion revenue from apparel exports during 2011-2016. However, the industry posted US$ 4 billion revenue from apparel exports last year despite the loss of European GSP+ concessions.
The Taiwan Textile Fairs in South Asia 2012 showcased their latest innovations for 2012-13 to the Indian and Sri Lankan marketers, sourcing agents, buying houses, partners, distribution channels & key decision makers. The show received a tremendous response from the industry who came in large numbers to the fairs in Sri Lanka and India.
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