The international trade in textiles and apparel could double from US$510 billion in 2009 to US$1 trillion in 2020. This is according to the Indian consultancy Tecnopak that is forecasting sharp growth in the BRIC countries of Brazil, Russia, India and China.
Even Indian textile and apparel exports could triple from US$24 billion in 2010 to US$80 billion by 2020 since India has the advantage of being situated near the delivery source for artificial yarns and materials as well as cotton, polyester and rayon.
Both India and Pakistan have easy access to raw materials which is a definitive advantage for India due to its favorable costs and working conditions. Pakistan is the world’s fourth largest supplier of cotton and will remain strong in the denim and home textile sectors.
Technopak’s study also discovered that China and India are best placed to develop long term relationships with their trade partners. Both countries are well-known for fulfilling their contractual conditions and agreements and can offer an array of services, such as design and integration of the supply chain.
The study also noted that countries such as Bangladesh, Vietnam, Indonesia and Cambodia must make an effort if they want to be able to keep up with the pace in their textile centers. These countries make life difficult for the main actors involved in the apparel export trade as they find themselves in delivery bottlenecks and have slow manufacturing times.
Faced with the reality of the “enormous potential of the sector” the study appeals for government and industry support especially in four areas - improvement of finishing processes; increase in production of synthetic apparel items; increase productivity by changing manufacturing from traditional production centers to more economic and modern installations.
Information courtesy of Fashion United. Translated from German by Richard Smith