October 22, 2009(India)
The Indian textile and apparel export sector is all set to take on the might of the Chinese in their own turf. Indian exporters are now planning to penetrate the lucrative Chinese market on the strength of designs, creativity, fashion and a variety of textiles.
The sector will be charting a new course, by entering China, said the Chairman of Apparel Export Promotion Council (AEPC), Mr Rakesh Vaid. 70 percent of our exports come from EU and the US which have been our traditional markets, but now, we will take on our biggest competitor; China on their own turf, he said.
Mr Vaid said that the industry had been exploring new markets, since the last two years and had also made inroads into the markets of its competitors like Sri Lanka, Bangladesh, Vietnam and Cambodia.
After nine months of negative growth, due to the slowdown, since December 2008), the industry recorded a growth in August and exports to Europe are gathering pace as the retailers are stocking up on their inventories, he add by saying.
Clothing exports fell 15.4 percent in the first quarter this fiscal, although, they grew by 1.39 percent in August over that in July, in exports to the US.
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