A large number of textile orders turn to China!
New order production is scheduled to May 2021
India is the world’s largest cotton producer, the world’s largest jute producer, and the world’s second-largest silk producer. Its yarn production capacity accounts for 22% of the world. Textile revenue has always been one of the main pillars of India’s economy and one of India’s largest sources of foreign exchange income. The textile industry accounts for about 15% of India’s total export revenue. However, the new crown pneumonia has caused a shutdown in the textile industry. Currently, more than 7.3 million people in India have been diagnosed with the new crown, and the cumulative number of confirmed cases ranks second in the world.
Due to the delay in controlling the epidemic, in recent months, many large export-oriented textile companies in India have been unable to start operations as scheduled and cannot guarantee normal delivery. As a result, more and more textile orders have been canceled or moved to China, etc. country.
According to news from the Chinese textile industry, many domestic orders for apparel manufacturing have been scheduled to May next year, among which towels, bedsheets, and other products have relatively large orders.
According to recent reports in the Indian media, as the epidemic subsidy granted by the Indian Government to the Indian Garment Manufacturers Association has not been issued on time, it may directly lead to the layoff of nearly 10 million employees in the Indian textile industry.
At present, China is still India’s largest trading partner. In 2019, the bilateral import and export volume of goods between India and China reached US$85.49 billion. Among them, India’s exports to China were US$17.13 billion, India’s imports from China were US$68.37 billion, and the trade deficit was US$51.24 billion.