LONDON--(BUSINESS WIRE)--Governments in India, Brazil, and Indonesia are launching initiatives to boost their textile and apparel industries, particularly in terms of exports. Details on these developments and more can be found on BizVibe. BizVibe is the world’s smartest B2B marketplace and allows users to discover high quality leads, contact prospects, and source quotes. Register today to connect with over seven million companies around the globe.
India threatens China for title of largest home textile producer
Newly announced government initiatives supporting home textile exports are promising to help India — currently the world’s second-largest home textile producer — overtake global leader China over the next few years. India’s home textile industry is currently valued at USD 4.9 billion and is expected to grow at a CAGR of 8% to reach USD 5.29 billion by the end of 2018.
Last year, the government of India launched a new initiative to further support the made-up sector. The made-up sector includes products like towels, bed sheets, blankets, curtains, crochet laces, pillow covers, embroidery articles, and other home textile items, and under this initiative will receive production incentives and subsidies similar to those the garment sector currently benefits from.
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Brazil’s Textile and Apparel Exports Are Revitalizing
Brazil’s textile and apparel industry is beginning to recover from its economic recession. Exports are on the rise, particularly to Arabic markets. According to recent figures from the Arab Brazilian Chamber of Commerce (ABCC), Brazilian exports of textiles and apparel to Arabic countries have risen by 87.5% over the previous year, reaching USD 3 million in the first two months of 2017.
To boost Brazilian textile and apparel industry exports, the Brazilian Textile and Apparel Industry Association and the Brazilian Trade and Investment Agency (Apex-Brazil) have launched the Texbrasil program. Official figures show that Brazilian textile and apparel companies that have participated in the program expanded their export markets to Arab countries by 40% in 2016, reaching a total value USD 4.1 million that year.
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Indonesia’s Textile Exports Achieve New Success
According to the latest figures revealed by Indonesia’s Industry Minister Airlangga Hartarto, the country’s exports of textiles and textile products have risen by 3% since 2016. They were valued at USD 2 billion in the first two months of 2017. Indonesia’s textile and apparel industry provides approximately 3 million jobs, which is over 17% of employment in the manufacturing sector. Its exports were valued at USD 11.87 billion in 2016.
The Indonesian Textile Association predicts that in 2017, the country will export USD 4.8 billion in textiles and apparel to the US alone, which amounts to 39% of the country’s total exports in that sector. In order to further boost these exports, the ministry plans to implement fiscal incentives that will provide industrialists with income tax discounts for business expansions. It is also seeking a comprehensive cooperation agreement with Europe and the United States for benefits such as better tax facility.
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In addition to companies in India, Brazil, and Indonesia, BizVibe is home to over 100,000 textiles companies. The BizVibe platform allows you to discover the highest quality leads and make meaningful connections with your companies of interest in real time. Claim your company profile for free and let BizVibe connect you with potential business partners.
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