Home textile exports may grow to $10 bn by '10
India is poised to strengthen its position with an over three fold jump expected in exports by 2010, global financial services major Citigroup said.
By PTI |
NEW DELHI: India is poised to strengthen its position with an over three fold jump expected in exports by 2010, global financial services major Citigroup said.
Country's home textile exports are forecasted to rise to 10 billion dollar by 2010 from three billion dollars in 2005, on the back of self-sufficiency in cotton and recent acquisitions and tie-ups with global brands, Citigroup Global Market India said in its equity research report.
Despite prospects of excess capacity and cost pressures amidst cut-throat competition, bed linen exports to the US by three Asian countries - China, India and Pakistan - continue to dominate with a 76 per cent share of the total.
The US and European Union together accounted for 70 per cent of the world's 70 billion dollars imports for home textiles. The US alone imports bed linen worth 24 billion dollars, the Citigroup report said.
With China cornering 38 per cent share, it is the largest exporter of home furnishings to the US, Pakistan comes next with 22 per cent while India accounts for 16 per cent share. The rest 24 per cent exports to the US are shared by Turkey, Brazil, Mexico, Portugal, Italy and other numerous countries.
The sector is set to grow due to the high growth drivers like focus on value addition through innovative designing, strategic partnerships with global brands and better supply chain management, the report said.
Key trends in the post-quota regime have helped the Asian trio to increase their share as global retailers stepped up outsourcing to cut costs.
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