Textile exports to US grow 25%

Reporting one of the fastest growth rates among exporters, Indian textile exports to the US in February have narrowed the gap between its nearest competitor, the second-placed Mexico.

Indian exports to the US clocked $922 million, within breathing distance of Mexico's $ 963 million. While Indian exports grew by 25 per cent in value terms, the north American country's exports saw a fall of 12 per cent.

"If the Indian exports maintain the momentum, as they are expected to, we are sure to become the second largest exporter to the US in value terms when the March statistics come out," said an industry analyst.

The latest report by the US Office of Textile and Apparel (Otexa) also confirmed that Chinese exports to the country have slowed down for good. For the fourth month on the trot, exports from India, Pakistan and Bangladesh outpaced that of China's.

While in volumes, Chinese exports grew by just abut four per cent, in value terms the Dragon country's textile trade saw a downfall of .63 per cent.

Apparel exports took most of the beating, going down by almost 10 per cent.

On the other hand, Indian overall textile exports to the world's biggest market saw a 22 per cent rise in volumes. While apparel exports grew by 21.2 per cent, non-apparel increased by 22.5 per cent in volumes.

In value terms, India's non-apparel exports overtook that of Pakistan clocking $ 302 million. Pakistan reported $ 301 million in non-apparel exports.