‘Indian textile sector notes 1% growth despite global economic slowdown’ | Trade News India
Home » News » Trade News » Indian Textile Sector Notes 1 Growth Despite Global Economic Slowdown

‘Indian textile sector notes 1% growth despite global economic slowdown’


READ MORE ON ICRAIndian Textile IndustryMarket ReportTrade News India

Indian Textile Industry

Image Courtesy: itdf.in

Indian textile sector reportedly noted around 1 per cent growth in FY 2016, standing out in comparison to a 5 per cent decline in the global textile market in the same period.

According to ICRA Research report, this muted growth is in conjunction with lower fibre prices in FY ’16, adjusted for which the growth in India’s apparel export quantity is estimated at 3-4 per cent. The growth quantum is reasonable in the backdrop of 5 per cent decline in import quantity of Europe and 6 per cent increase in import quantity of the US; albeit feeble in comparison to Bangladesh and Vietnam.

The report pointed out that the fabric production in the country remained consistent in the period under review at 65.6 billion square metres. “Despite the volatility in cotton prices, the share of cotton fabric in India’s total fabric production has demonstrated a secular growth over the years, including during FY2016,” it mentions.

Also ReadDomestic textiles market to witness 7-8% growth in FY ’17: CITI

The domestic players continued to record steady revenue growth in the period under consideration in contrast to apparel exporters. ICRA analysed 13 apparel manufacturers and found that their aggregate earnings surged by 7 per cent in fiscal 2016 compared to 8 per cent in FY 2015, 9 per cent in FY 2014 and 12 per cent in FY 2013, showing a slowdown in the domestic consumption as well.


Have some news? Let us know on news@apparelresources.com

Recommended by Apparel Resources

Gujarat (India) gets new trade body for garment industry

A new trade body – Association of Apparel Manufacturers and Exporters of Gujarat (AAMEG) – has been formed in Gujarat, India, to address...

Lectra reports strong FY 2016 results

The fiscal 2016 results of Lectra, the technology solution provider, indicated strong growth in operational income and revenues. Lectra’s revenues for fiscal 2016...

EFI reports drop in revenue

Electronics For Imaging Inc., a world leader in customer-focused digital printing innovation, has announced its financial results for the first quarter of current...

Netherlands to explore textile business prospects in Albania

The Netherlands is looking to explore new textile business opportunities in Albania that would boost ties between the two countries. A delegation from...

Trade unions avert industrial disaster in Bangladesh

Trade unions, operating in Bangladesh, claimed to have averted a big industrial disaster after they supported more than 3,000 workers who refused to...

Sri Lankan garment industry’s working conditions upsets MEP

"If the European Union consumers knew the extremely abusive working conditions of the women who produce the clothes they buy from Sri Lanka,...

Tanneries in Bangladesh shifting; workers await job assurance

Bangladesh Government is pushing tanneries to move from national capital’s (Dhaka) Hazaribagh area to the suburbs of Savar. As the process is still...

Apparel Resources interviews Puma India’s Apparel Sourcing Head

Shirish Srivastava, Country Manager – Apparel Sourcing (India) at Puma Global Sourcing, Bangalore an ex-Niftian, a lean manufacturing expert and a black belt...

China’s Kingdom Holdings Limited seeks trading partner in Vietnam

“We are looking for trading partners in Vietnam,” said Eric Sun, International Commercial Director, Kingdom Holdings Limited, China while talking...

US cotton exports forecast to grow 53% in 2016-17

US Department of Agriculture (USDA) has predicted that country may note growth in its cotton exports in 2016-17. With an increase of 53...