Home / Knowledge / News / Apparel/Garments / Garment & textile sector plans to attain annual target
Garment & textile sector plans to attain annual target
28
Jan '11
The textile and garment industry of the country has set a target of attaining an export turnover of over one billion US dollar every month during the last five months of the current year, so as to make it possible to attain the annual target of about $13 billion.

The sector's turnover during the last four months of 2010, stood somewhere around one billion dollar per month.

However, it is not possible to attain such high turnover in the initial months of the year, as majority of the orders flowing in during this period are for summer apparels, which are comparatively cheaper.

The sector by registering a year on year rise of 23.2 percent over 2009, exported $11.2 billion worth of garment and textile items during 2010, and thus stood out to be the fifth largest exporter of textile and garments across the world.

While the US stood out to be the largest exporter during 2010, by exporting goods valuing around six billion dollar, the EU and Japan followed with $1.8 billion and $1.2 billion respectively.

The sector last year, invested some six billion dollars for importing basic inputs and accessories for producing export goods. But now, in order to reduce reliance on imported inputs and accessories, the industry and the Vinatex proposes to make sound investments for procuring these inputs from local markets.

Further, the National Textile and Garment Group (Vinatex) has set a target of raising its export value by 20 percent this year, over 2009 to $2.5 billion.

The Group, this year intends to spend around one trillion VND that is $47.6 million towards expansion of its garment facilities, so as to boost production.

Also, in view of the rising cost of production in China, several Japanese garment firms are considering to relocate their production base from China to Southeast Asian countries like Vietnam.

In the past few months, many investors from Japan have showed their willingness to invest in the upcoming garment and textile ventures in Vietnam.

Costly labour, along with stringent environmental protection and power consumption norms adopted by the Chinese government have raised the prices of garment items in China.

Consequently, some Chinese and South Korean firms are also considering relocating their production base to Vietnam.

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 21st Jul 2017

No shortage of cotton & yarn in country: Minister

There is no shortage of cotton and yarn in the country, and the...

Pic courtesy: Sutlej Textiles & Industries Ltd

Textiles | On 21st Jul 2017

Sutlej Textiles’ Q1 FY18 EBITDA expands to Rs 76.28 cr

Sutlej Textiles and Industries Ltd (STIL), one of India’s largest...

Textiles | On 21st Jul 2017

CAI revises 2016-17 cotton crop to 337.25 lakh bales

Cotton Association of India (CAI) has upwardly revised cotton crop...

Interviews View All

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X