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Textile sector gains from plight of Chinese Industry
21
Aug '08
Not unlike other countries, textile industry in India also faced several problems during the initial months of this year, especially due to shrinking demand from the US and EU as well as rising raw-material prices.

However, now this industry is picking up trade and is seeing some ray of hope.

Experts say that the key reason for this recovery is the dwindling textile industry of China.

Since the beginning of this year Chinese textile industry has been struggling because of factors like RMB appreciation, hike in labour and raw-material costs as well as weak international demand.

Many clients from the US and EU as well other markets are seeking new export countries that will offer good quality at cheaper rates.

Thus, India has emerged as a popular supplier among such consumers. Sources stress that the Indian enterprises have recognized this opportunity and are prepared to make most of it.

Insiders report that India is now attracting interest from unexplored markets like Hong Kong, Singapore and Africa. Infact, several textile and clothes enterprises from India have already started setting up offices in nations like Singapore and Malaysia.

Experts believe that if appropriate and swift measures are taken, India will once again rise as major export country in world.

Fibre2fashion News Desk - China

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