Financial Daily from THE HINDU group of publications
Wednesday, Jun 15, 2005
Financial Daily from THE HINDU group of publications Wednesday, Jun 15, 2005 |
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Industry & Economy
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Textiles Textile exports to US down in April Sudhanshu Ranade
Chennai , June 14 CONTRARY to expectations, the envisaged clampdown on Chinese textile and apparel exports to the US has not led to any gains for India, at least in the short run. According to official US data just released, Indian exports to the US in April 2005 at $425 million were as much as 16 per cent below levels achieved in March. Nevertheless, the year-to-date growth for India continues to be positive; 26.6 per cent above the level achieved in 2004. Interestingly, 22 of the top 25 exporters to the US, including Pakistan, Bangladesh, and Sri Lanka, recorded large drops in April, as compared to March 2005. In the case of Sri Lanka, the drop was as much as 33 per cent. Another two countries on the list reported practically no rise. Total textile and apparel exports to the US from the top 25 countries fell 8.9 per cent in April compared to March, only slightly below the 9.3 per cent decline reported for total imports from all countries. The only country that recorded a gain in April was China - exports at $1.8 billion were 11.1 per cent above March levels. Since exports from China in March were 21 per cent below February levels, this means that exports in April, though up from March, were yet below the level recorded in February, when the US first began signalling a clampdown on imports from China. On a year-to-date basis, Chinese exports to the US were 52 per cent higher than levels achieved in the corresponding period of 2004, almost double the growth achieved by India, on a much smaller base. Total textile and apparel exports from China to the US in 2004 were $18.2 billion, more than four times as much as the $4.1-billion figure for India.
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