India has outpaced China in terms of growth in share in its textile export value to USA during January to May ’21 period, following a rebound in the market.
According to OTEXA, a trade body of US Department and Commerce, India shipped US $ 2.28 billion worth of textiles to USA in the first 5-month period of 2021, growing over 66.69 per cent on yearly basis.
During the same time, overall USA’s import of textile products valued US $ 12.47 billion with a Y-o-Y growth of 39 per cent. India’s share to this value remained 18.32 per cent that grew from 15.28 per cent a year earlier!
On the other hand, China accommodated US $ 4.32 billion worth of textile shipment to USA in January to May ’21 period, constituting around 34.65 per cent of total textile import value of USA.
Notably, last year in January May period, China’s share was 34.03 per cent and, despite pandemic stretching to 2021 as well, the Asian manufacturing giant scaled up its share by just 0.62 per cent!
At the same time, India increased its share by over 3 per cent, signaling a shift of business from China is not just on papers as rumoured by some industry stakeholders in the neighbouring countries.
It’s worth mentioning here that the growth in Indian textile exports is achieved despite the fact that the country went into a series of lockdowns across states in April and May, putting a temporary pause on the business activities.
As further shown by the data, India noted double-digit growth in its yarns, fabrics and made ups – three main textile categories.
Made ups constituted larger chunk in the total shipment from India to USA, valuing US $ 1.92 billion, and grew by 64.54 per cent on Y-o-Y basis.
Yarn shipment valued US $ 55.16 million (up 88.37 per cent), while fabrics’ export to USA clocked US $ 302.92 million (up 77.74 per cent).
The timing of this business shift is even more significant as China is facing serious allegations due to unethical practices followed in Xinjiang – an autonomous region and cotton production hub.