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South Asian countries have shown significant growth in the textile market in recent years. These regions (India, Pakistan, Sri Lanka, Bangladesh) have been a go-to marketplace for many countries, but the impact of Covid-19 has changed the economy of these trading nations that are exporting to major markets.
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It will bind the lose which the fabrics and home textiles market has suffered.
Bangladesh fabric exports were accounted for 66% of growth in the year 2020. While in India and Pakistan the total apparel exports remained at $3.53 billion and $2.43 billion. Looking from this perspective, these countries have better textile and clothing export records than other countries followed by USA and UAE.
Let's get an overview of the major revenue generator countries in Asia.
India:
India has been a part of one of the top positions of the fabrics & home textiles market for many years now. The country has taken many initiatives towards the growth of the market overall.
- Fabric Export to EU28:
Starting from January 2020 the export was doing great but moving towards the end of the year it deteriorated. The export was $34.09 million in January 2020, $30.20 million in February 2020 which went down towards $ 23.43 million in November 2020.
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- Home Textile Export:
The Indian Home Textile export was $139. 76 million in January 2020 which was at the worst in April 2020 at $22.72. However, surprisingly, it boosted in May 2020 $73.16, it kept on increasing till October 2020 that is $175.34 which dwindled to $146.46 million in November 2020.
Bangladesh:
Bangladesh’s economy depends up on its textile industries.
- Fabric Export to EU28:
- Home Textile Export:
In January 2020 the home textile export to EU28 from Bangladesh was $45.43 million which fell to $6.99 million in December 2020.
Pakistan:
Pakistan is also a major part of the textile and clothing export industry.
- Fabric Export to EU28:
Pakistan’s Fabric export industry went down from $67. 22 million in January 2020 to $56.22 million by 10% in March 2020. It suffered the worst hit in April 2020 when it slumped to $30.92 million down by 20%. It quickly escalated in May by rising to $51.80 million while kept on varying in between towards the end of the year.
- Home Textile Export:
Home Textile was $182. 51 in January, $201. 13 million in February 2020 which dropped to $52.28 million in April 2020. The export however in next month increased to $125.48 million. The graph went up to $232. 68 million in the month of October 2020.
Sri Lanka:
The textile and clothing export industry in Sri Lanka is a major contributor to its national economy.
- Fabric Export to EU28:
The Export from Sri Lanka to EU28 was pretty much stagnant in the year 2020. It was $0.67 million in January 2020 which a hike in February 2020 to $0.85 million it then went down to $0.13 million in April then again rose to $0.60 million in May and towards the end of the year $0.50 million.
- Home Textile Export:
Home textile export was $5.85 million in January 2020 to $5.31 million in February 2020. In April 2020, it fell to $0.75 million which went up to $8.05 million in the next month. By the end of the year, it was at $4.91 million.
Conclusion,
Textile industries have done a commendable job to their economies. These countries are majority of the revenue generators in most Asian countries. They bring novelty to the world of the textile and home fabrics market. And they will continue to flourish in the global textile industry for the years to come.
It can be concluded that the EU28 zone has succussed in attracting a lot of business even amidst the pandemic. However, there will be suffering in the world post-pandemic, for that, it is necessary to jump in the digital boat.
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