2023-07-19 06:04:05
Decline in Chinese garment exports to Japan provides an immense opportunity for the Indian apparel industry to boost shipments to the island nation, AEPC said on Wednesday.
The Apparel Export Promotion Council (AEPC) said a strong Indian garment industry with its unique offerings has a huge scope for Japanese trading companies to source from India.
Members of the council are participating in the 12th edition of the India Tex Trends Fair in Tokyo.
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Speaking at the inauguration of the fair, AEPC Chairman Naren Goenka said over 180 Indian exhibitors are participating in the fair.
“Apparel imports into Japan have witnessed a positive mark in the last three years. Japan’s total import from the world, which was $28.49 billion in 2018, has now risen to $46.72 billion,” he said adding Japan is the fourth largest garment importer in the world following the US, Germany and France.
Out of the total garment import of $23 billion by Japan, India’s share is just one per cent.
“We hold a strong business opportunity in Japan reflected by the fact that China, which has been a dominant garment supplier to Japan, has witnessed a decline in the past five years giving significant advantage to India. Moreover, the duty-free access for Indian ready-made garments post-Indo-Japan free trade agreement as once morest regarding 9 per cent for China and Turkey is a big advantage for us,” Goenka said.
Sharing similar views, vice-chairman of the council Sudhir Sekhri said as India has the largest raw material availability of cotton, jute, silk and wool in the world, supported by the world’s second largest spinning and weaving capacity, and 95 per cent value addition, India offers to the world a complete value chain solution from farm to fashion.
The government has taken several steps such as the production linked incentive scheme and PM MITRA scheme to support the textile industry’s growth and development.
Seminars and business delegation meetings were also held to strengthen understanding and collaborations on the sidelines of the fair.
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