Latin America joins the list of buyers at the 7th edition of Home Expo India 2018, Organised by the Export Promotion Council for Handicrafts (EPCH) the three-day event (April 16 – 18) was inaugurated by the Union minister of textiles, information and broadcasting, Smriti Z Irani on April 16 at India Expo Centre and Mart, Greater Noida. The B2B fair was a three segmented categories’ show comprising of housewares, textiles and furniture under one roof.
Emphasising the development in craft sector Irani lauded this initiative of EPCH and said that it will need special attention and support so that intellectual property right of the creator can be protected. She said that organising product specific Home Expo India fair covering the three products segments of handicraft sector – Houseware and Decorative, Floorings Furnishing, Textiles and Furniture Accessories – is a step in the right direction to enable the buyers to source their requirements without wasting time, energy and resources.
Meanwhile, according to a data provided by the Confederation of Indian Textile Industry, of the total commodities exports from India, the textile and apparel exports share has come down by a percentage point to 12% on fiscal 2018 from 13% in the previous fiscal. New taxation regime, intense competitive pressures in the global market and uncertainty in the neighbouring markets, particularly in the Gulf region, have cast a shadow in the export of textile and apparel, which saw a marked decline of 4% to Rs 2,27,902 crore in the just ended fiscal 2018 as compared to Rs 2,38,168 crore reported in the previous fiscal. Of the total commodities exports from India, the textile and apparel exports share has come down by a percentage point to 12% in fiscal 2018 from 13% in the previous fiscal.
While the textile exports declined marginally by 1% to the end of fiscal 2018 at Rs 1,20,223 crore as compared to Rs 1,21,709 crore, and that of apparel exports saw a sharp drop of 8% to Rs 1,07,679 crore as against Rs 1,16,459 crore in the fiscal 2017. In March 2018 alone, the apparel exports was down 19% to Rs 9,695 crore Rs 11,946 crore in the corresponding period.
Similarly, exports of cotton yarn, fabs, made-ups, handloom products together declined marginally to Rs 65,969 crore as against Rs 66,160 crore in the fiscal 2017. Man-made yarn, fabs, made-ups grew 2% to Rs 31,089 crore (Rs 30,559 crore earlier) and that of handicrafts (excluding handmade carpet) declined by 9%. In US dollar terms, the textile and apparel exports for fiscal 2018 almost saw a flat growth or 0.4% decline to $35.364 billion as compared to $35.514 billion in fiscal 2017. Here too, the textile exports grew 3% to $18.65 billion ($18.146 billion earlier) and that of apparel exports declined by 4% to $16.714 billion ($17.368 billion).
The decline has been primarily driven by the sharp fall in exports to the UAE market, which has emerged as one of the prominent apparel export destinations for India, with its share increasing to 23% in FY17 from 12% in FY14. Particularly for the ten-month period ending June 2017, India’s apparel exports to UAE had grown at a sharp pace (56% year on year). Therefore, apparel exports to the UAE have fallen at an equally fast pace, by as much as 45% since June 2017.