India's Textile Industry Has Taken A Hit: Large Numbers Of Orders Have Been Handed Over To Chinese Companies

In the first half of this year, due to the impact of the epidemic, the domestic textile industry was at a standstill, especially the foreign trade orders, which led to the continuous accumulation of the textile industry's inventory and brought some operating pressure.But with the resumption of economic activity in the US and Europe, China's textile industry suddenly ushered in a new round of hot orders, orders continue to climb.

According to the insiders, this situation, on the one hand, is the traditional foreign trade industry caused by the peak season;On the other hand, a large number of overseas orders are shifting rapidly from India to The Chinese market.

In the first eight months of this year, China's textile and apparel exports totaled $187.41 billion, up 5.6% from a year earlier, according to official data.In August, China's textile exports reached 14.72 billion US dollars, up 47% year-on-year.Garment exports reached us $16.21 billion, up 3.2% year on year, marking the first positive growth this year.

September of each year is the traditional peak season of textile market, the transaction is active, the export order has part of the backflow, the domestic sales start is also more obvious, there is a shortage of cotton yarn in some areas.According to a survey of more than 90 designated textile enterprises conducted by China cotton Early Warning System, raw material inventory of textile enterprises increased in September, textile output increased month-on-month, while yarn inventory and cloth inventory decreased.The textile output also increased compared with last month.

In addition, according to media reports, towels, bedsheets and other products are among the largest orders transferred from India to China, with some factories expecting the current orders to be booked until May next year.

As the epidemic continues to spread in India, the domestic textile industry may usher in a period of performance growth.