India's textile exports to US go up

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New Delhi, October 2:: Notwithstanding economic slowdown in America, India has been able to not only retain but raise its textile exports to the US, even while exports from rival China slipped by 3.1 per cent, says a data of the US administration.

India's textile and apparels export in the first seven months of 2008 increased 0.9 per cent to USD 3.39 billion from that of USD 3.36 billion in the same period of 2007.

This comes when over all imports by the US during the period fell by 3.1 per cent. "As the rupee has depreciated significantly against the dollar this year, the textile ministry is expecting exports to grow by about 2 per cent by the end of this year, compared with 2007," said Joint Secretary in the Textile Ministry J N Singh.

In the last six months, rupee has depreciated by about 10 per cent. India exports about 30-35 per cent of its total textile and apparel to the US. In calendar year 2007, India's shipment to the US was USD 5.56 billion, while in the previous year it was at USD 5.53 billion.

China's export to the US has declined by 3.1 per cent to USD 18.27 billion till July this year from USD 18.86 billion in the same period a year ago.

However, the Indian textile industry continues to face a tough challenge from a small Asian country Vietnam in textile exports to the lucrative US market.

Vietnam's export to the world's largest economy grew by a whopping 22.8 per cent to USD 2.93 billion during the period. However, the Indian textile industry, which was growing at 3-4 per cent during the last six decades has now accelerated to an annual growth rate of 16 per cent in value terms and would reach the level of USD 115 billion by 2012.

The exports of textiles and clothing during 2007-08 were USD 21.46 billion, registering a growth of 12.10 per cent in dollar terms.