India`s textile makers eye increased export to PHL
Dated- 22 May , 2012 - India
Textile manufacturers from India are eyeing increased market share in the country’s market demand for textile products.
A two-day textile exhibition dubbed Intexpo Philippines 2012 to be held on May 23 and 24 at the Dusit Thani Hotel in Manila will showcase a wide range of fabrics and yarn by 16 Indian manufacturing firms.
The exhibition, according to Srijib Roy, joint director of Synthetic and Rayon Textiles Export Promotion Council, India will boost current trade relations with the Philippines.
“This will be the first time that India will hold such exhibition to introduce our wide variety of quality products,” Roy told the BusinessMirror.
He said the exhibition will also serve as an excellent opportunity for Philippines garment makers and importers of textiles to explore possible partnership with India’s manufacturers.
The Philippines is a net importer of textiles. It imports textiles from China, currently the country’s major trade partner and supplier of textiles. However, trade relation between the Philippines and China is currently on shaky ground due to the Scarborough Shoal standoff.
Shashank Pareerk, director of the Philippine Textile Industry said this is an opportunity for both India and the Philippines to strengthen trade relations, particularly in the textile industry.
The country’s net per capita consumption for textile is 60 kilos a year. This means there is a huge demand for textiles, which in turn, could help boost the country’s garment industry.
India, according to Roy, is one of the world’s leading producers of textile products, which makes it a potential supplier of textiles to the Philippines.
India’s exports of textiles to the Philippines increased substantially during the last three years, from $5 million in 2008 to $13 million in 2010.
The Philippines, Roy said, is a growing market for Indian Manmade Fibre (MMF) textiles. Indian export of MMF to the Philippines grew by 24 percent in 2010 as compared to 2009.
India is the fourth-largest producer of MMF in the world, with a massive production and distribution base for textiles.
Indian MMFs are exported to 150 countries with the Middle East and Gulf region as the largest destination, accounting for 25 percent of the total exports, followed by Asian countries (23 percent). The European Union is the third-largest importer and accounts for 22 percent of India’s exports.