India’s exports of textiles and apparel amounted to $449.2 million in 2017, which increased to $466.2 million in 2018, $495 million in 2019, $464.5 million in 2020 and $645.5 million in 2021, according to the Confederation of Textile Industries (CITI). Last year, India exported apparel worth $288.6 million and home textiles worth $233.8 million to Australia. These two ready-to-use categories of textiles contributed more than 80 per cent to the total exports of textiles and apparel during 2021.
India-Australia Economic Cooperation and Trade Agreement (ECTA) may further boost India’s textile exports to the partner country. It was the third largest supplier of textiles and apparel to Australia in 2021. Annual growth of exports was 9.5 per cent during 2017-2021. Also, Australia can get access to the vast Indian market for its cotton production.
CITI’s analysis indicates that India’s exports of textiles and apparel to Australia were already performing well and ECTA can be expected to give them a further boost.
As for Australia, its exports of fibres including cotton to India were worth $153.677 million in 2021, which was higher than the shipment of $69.558 million in 2020. The exports were noted at $154.858 million in 2019, $252.897 million in 2018 and $302.952 million in 2017. Australia has already exported fibres worth $327.963 million to India during the first three quarters of the current year, according to Fibre2Fashion’s market insight tool TexPro. India was the third largest market for Australian cotton with a share of 8.60 per cent in its total exports of $3.812 billion during January-September 2022, while Australia was the second largest fibre supplier for India with 13.90 per cent share in its total imports of $2.192 billion during the same period, as per TexPro.
Fibre2Fashion News Desk (KUL)