First the good part, in the year 2013, Indian apparel exports growth picked up momentum and outperformed non-apparel exports. Indian apparel exports picked up in 2013 as compared to negative growth in the last two years; thanks to the economic recovery in US and EU markets—which account for over 80 per cent of the textile and clothing exports from the country—and the rupee depreciation. India’s textile exports are expected to register 15 per cent growth in current year as against a 5 per cent drop in the previous year.
The industry got a shot in the arm with the rupee depreciation mainly this year. Rupee has depreciated over 11 per cent since January this year. Companies like Trident Ltd, a leader in home textile exports, registered a growth of over 50 times in net profit and plans to expand its production capacity to about 700 looms manufacturing about 360 million pieces of towel per annum and 500 looms manufacturing 50 million meters of sheeting per annum.
Indian exports also became competitive as China and Bangladesh struggled with their own set of problems. While China is dealing with higher labour costs and rising Yuan, the Bangladeshi textile industry struggles due to protests by labourers demanding higher wages.
Other big players such as Raymond, Arvind, Gokaldas Exports, Vardhman Textiles have also registered strong growth in their exports during the year. Alok Industries aims to raise export revenue by around 80 per cent to Rs 6,000 crore over the next two years.
However, there was a little dampener for the industry in the form of cotton and yarn prices, which increased during the year amid surge in exports to countries like Bangladesh, Korea and China.
Raw cotton prices averaged Rs 118.30 per Kg in September 2013 as compared to Rs 96.35 per Kg in the year ago period. Cotton Yarn (Hosiery) prices in the month of September 2013 averaged Rs 242 per Kg, up 16 per cent from Rs 208.75 per Kg in the same month last year.
Companies in the business of manufacturing polyester yarn also faced tough times with soaring prices of key raw materials-- Purified Terephthalic Acid (PTA) and Monoethylene Glycol (MEG).
Fibre2fashion News Desk - India
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