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US raises textile imports from India, while EU slashes
17
Feb '11
US has raised its textile imports from India during the current financial year, but at the same time the European Union (EU) nations have cutback their imports from India. This well signifies the diverse economic scenarios prevailing in two of the world's major economies.

As illustrated by the disaggregate data, the US's total share in India's overall textile products exports grew to around 20 percent during the initial six months of the current fiscal, from 19 percent during corresponding period in the last fiscal.

Meanwhile, the 27 EU nations have reduced their textile imports from India by 4.5 percent to 29.81 percent during the period under consideration.

According to the trade analysts such divergent trend is mainly due to growth in the US economy, while many of the EU countries are still confronting financial crisis and are even lacking the necessary financial buoyancy.

Fibre2fashion News Desk - India

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