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Exporters make headway for US market share of China
25
Apr '08
The incompetency of Chinese textile and clothing industry is an incredible advantage for Indian exporters who can now make the most of the potential US markets in the absence of one of its most strong competitors.

After a year of upheaval caused by plaguing rupee appreciation, India sets about afresh, for expanding its prominence in the US market. The local textile and clothing sector witnessed a negative growth in US market for as long as nine months up until December after which it posted a marginal growth of 0.53 percent in January 2008.

However, it was only in February that the turnaround became more evident as the country posted a remarkable 8.26 percent growth.

Strikingly, China, whose textile and garment exports to America worth US $32.3 billion far outweighed India's meager $5.1 billion, recorded a negative growth of -2.57 percent in January-February of 2008. Infact, it will be for the first time in over a decade that the country has seen such a downfall.

The present situation reflects a decline in the textile industry of China as the raw material base is shrinking continuously.

Moreover, cotton consumption of the country is three times over that of India while its area under cultivation is getting reduced unceasingly. This has impelled China to import about 45 lakh bales from the latter. Increasing wages of labors has also played a vital role in worsening the situation which was already grim.

Besides, even on the exchange rate front, yuan appreciated by 8.52 percent between March 2007-08 against rupees which rose by 8.36 percent during the same period. Presently, the only respite China has is of indirectly exporting its goods to US via Vietnam. However, experts believe that even this is on the verge of coming to a halt leaving a major part of US market open for countries like India.

Now, it is up to the India Government to design fiscal policies in a way so that domestic exporters can make the most of the opportunity that has come their way.


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