Great Britain’s exit from the European Union after the referendum to quit on 23 June will have marginal impact on India’s fibres and yarns export to that destination as it is not a big buyer. While entire West Europe accounted for less than 7% of total fibre and yarn exports in 2015-16, UK was just 0.2%. Within export to West Europe, UK was just 3%. This show that volume of trade between India and Britain.
In 2015-16, UK imported US14.7 million worth of fibres (natural and manmade) and spun yarns including filaments. This included US$8.13 million of spun yarns, US$3.44 million of filament yarns and US$3.15 million worth of fibres. During the year, it imported cotton yarn, polyester/wool, polyester yarn and acrylic yarn, each worth more than US$1 million. Among fibres, UK imported PSF and VSF during the year.
Even textile machinery manufacturers’ body India ITME Society does not see any immediate threat from Brexit. According to Sanjiv Lathia, Chairman, England is not a big buyer of textile machinery. Textile manufacturing moved away from England long ago to China. He also sees not much impact on Indian textile machinery manufacturing.
However, garment exporters are a worried lot. Post separation they want a trade treaty with Britain. EU is a major destination for readymade garments, with the UK a leading market. Europe makes up 46% of apparel exports, of which Britain’s share is 40 per cent.
A free trade agreement (FTA) will be paramount to boost garment exports to the UK. Knitwear exporters are also pitching for FTA with the EU, also want a separate pact with Britain. India currently enjoys a 12.5% tariff preference in the EU under its Generalised Scheme of Preferences programme.
Although Europe is a large market for India, it is more or less saturated now. But high valued added products will be immediately picked up in the coming years.
Recently, the government had approved a INR6,000-crore special package for the textiles and apparel sectors with an aim to create 10 million textile jobs within three years.
Courtesy: YnFx – Fibre and yarn Exports – India
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