Textiles fit in the category of basic needs of man. It satisfies his requirement of need as well as greed. This is the reason it is manufactured in every corner of the world. Every country indulges in its trade and manufacture; be it the developed economies or the developing ones. The textile industry helps any country in earning revenue and generates employment opportunities for its people.
Asian countries have a lot to offer in terms of textiles. In fact, the economy of many Asian countries is majorly dependent on textiles. South Asian and south-east Asian countries play an important role in the global textile front. They are full of natural resources and manpower that helps them in making good quality textiles at low prices. The developed economies of the world usually import textiles or tie up with the manufacturing units to satisfy their requirements.
The global textile industry is currently dominated by two Asian countries India and China. India and China are also the fastest growing economies of the world. Their textile industries are a major contributor to their overall growth. The current Indian textile industry worth almost $89 billion is expected to grow to become $221 billion industry by 2020. China's total export volume reached $192.69 billion in September, 2012.
USA and Europe mostly import textiles. They import raw materials as well as finished clothing. Their main choice in terms of textile imports was India and China, largely. But other Asian countries are also making a place for themselves in the textile industry. Owing to recession in these countries, their textile exports had been low. But it was mostly Asian countries they imported textiles and textile products from.
Their focus is now getting shifted from India and China to other countries, again in Asia! Association of South East Asian Nations (ASEAN) region is a rising star in the global textile industry. It is feared by both India and China. Chinese textile exports have grown but not as much as the previous year owing to stiff competition from ASEAN countries. Its export value of textile and garments in the first quarter of 2012 was only 1.07 percent higher than that in 2011.