According to the Vietnam News Agency, the Indian Apparel Export Promotion Council (AEPC) recently stated that Vietnam’s textile exports will surpass India’s share of the global market in 2009.
Reportedly, according to AEPC forecasts, India’s textile exports will increase from US$8.78 billion in 2008 to US$9.2 billion in 2009, and Vietnam’s textile exports will increase from US$8.4 billion in 2008 to US$10.08 billion in 2009, ranking fifth in the world. Textile exports of Bangladesh, a large textile exporter, will reach US$12 billion in 2009.
According to reports, the European and American markets, which are shrinking sharply due to the financial crisis, are more inclined to import textiles from Bangladesh, Vietnam, and China because the prices of textiles from these countries are cheaper. In the first eight months of 2008, Vietnam exported 1.04 billion euros of textiles to the EU, an increase of 10.25%, and India exported 3.38 billion euros, a small increase. In the first nine months of 2008, India’s textile exports to the United States decreased by 1.25% year-on-year, while Vietnam’s exports increased by 20.79%.
