Views:0 Author:Site Editor Publish Time: 2021-09-27 Origin:Site
Cotton apparel exports from India to the US are expected to rise by the end of 2021, while Chinese cotton apparel exports to the US may decline. The US has already banned imports of cotton and cotton products from China’s Xinjiang region. Meanwhile, India is trying to benefit from China’s reducing share with new FTA strategies, duty structures, trade policies and freight management.
Additionally, China’s sea trade with neighbouring Asian countries has been affected due to high freight costs. The country is also facing the new wave of the pandemic due to the spread of the Delta variant.
According to the chairman of Apparel Export Promotion Council (AEPC), the textiles ministry must take policy initiatives such as incentives for value-added exports and discourage exports of raw materials. He also recommended reducing or eliminating duty imposed on apparel exported from India to the US as is the case with countries like Turkey, Bangladesh, Cambodia and Pakistan.
Indian cotton apparel exports were $193.47 million in January 2021, which increased by 11.96 per cent to $216.61 million in March 2021. It further rose by 4.29 per cent to $225.90 million in June 2021.
India’s apparel exports are now expected to increase by 26.53 per cent to reach $285.84 million in December 2021.
On the other hand, Chinese cotton apparel exports were $459.39 million in January 2021, which dropped by 11.55 per cent to $406.34 million in March 2021. It shot up again by 16.32 per cent to $472.64 million in June 2021. It is now expected to diminish again by 2.11 per cent to reach $462.68 million in December 2021.