\nEconomic Times, India
\n BANGALORE: When the going gets tough, Indian textile exporters get creative. While China is facing tougher times with a rising currency and closure of many units to reduce pollution levels in Beijing, Indian exporters of textile goods are planning aggressive forays in the South East Asian market, and also African nations.
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\n \u00e2\u20ac\u0153Last week we entered Singapore through an exclusive outlet,\u00e2\u20ac\u009d says Royal Classic Mills MD R Gopalakrishnan. The company owns brands like Classic Polo and is looking at Malaysia and Thailand as lucrative export destinations. \u00e2\u20ac\u0153We plan earn a revenue of Rs 10 crore from that region by the end of this fiscal year,\u00e2\u20ac\u009d he says, adding that it has recently set up marketing offices in Singapore and Thailand to handle exports.<\/p>\n
Another company, SP Apparel, which is the second largest exporter from India after buying brands such as Crocodile and Natalia last year, is in talks with various players. This comes after the company delved into the domestic market and saw through the rupee rise last year.<\/p>\n
\u00e2\u20ac\u0153The plan is on with everyone,\u00e2\u20ac\u009d says S Sakthivel of the Tirupur Exporters Association (TEA) referring to the push for markets like South Africa, Kenya, and other African countries, and to South East Asian nations like Thailand, Malaysia and Singapore. \u00e2\u20ac\u0153These are newer avenues we are looking at,\u00e2\u20ac\u009d he says.<\/p>\n
China, facing a steadily climbing currency, is facing the heat on exports. Chinese textile and garment exports saw a 2.5% fall from September 2014 to May 2014, while India saw around 2% growth during the same period, according to industry estimates. Also, The Chinese currency has climbed 6.8% and 2.9% versus the Euro and the Yen, respectively, since July 18. India\u00e2\u20ac\u2122s currency has fallen against the dollar in the same period. This has aroused the Tirupur exporters to think of new markets with the hope to gain a foothold in traditional Chinese markets like South East Asia.<\/p>\n
\u00e2\u20ac\u0153Every large exporter is looking at SE Asia, and African countries like Kenya and Nigeria,\u00e2\u20ac\u009d says Apparel Export Promotion Council joint director R Balaji. He says that negotiations are underway, and expects deals to be signed within the next six months. \u00e2\u20ac\u0153The response so far has been excellent,\u00e2\u20ac\u009d he says. Last year, Tirupur\u00e2\u20ac\u2122s apparel units exported Rs 11,000 crore worth of products. And most exporters work on profit margins of less than 10%. The urgency is much needed. A floundering China has given way for Vietnam to assert its export power. The country is one of the top three exporters of textile and garment to the US for the past three years, with an export value of $ 4.29 billion per year. By the 2014-end, Vietnam is expected to export $5.4 billion worth of textiles and garments to the US and secure second place behind China in the export of these products to the country.<\/p>\n","protected":false},"excerpt":{"rendered":"
Economic Times, India BANGALORE: When the going gets tough, Indian textile exporters get creative. While China is facing tougher times with a rising currency and closure of many units to reduce pollution levels in Beijing, Indian exporters of textile goods are planning aggressive forays in the South East Asian market, and also African nations.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yoast_head":"\n