Fibre 2 Fashion -27 July 2022
Trade deal with AfCFTA can open vast market for Indian textiles
India can explore vast market for textile products in Africa if it signs a trade agreement. Currently, India exports less than 5 per cent of its textile products to the continent. Recently, India’s commerce secretary BVR Subrahmanyan focused on exploring a comprehensive economic partnership agreement with the African Continental Free Trade Area (AfCFTA).
Subrahmanyan told the 17th Confederation of Indian Industry (CII)-Exim Bank conclave that Indian officials will engage with African counterparts on the issue so the country can have better access in the world’s largest free trade area.
Last year, India shipped $0.743 billion of apparel to Africa, which was 4.99 per cent of its total exports of $14.912 billion, according to Fibre2Fashion’s market insight tool TexPro. In January-April 2022, apparel exports to Africa stood at $231.328 million.
In home textiles, Africa’s share was 3.81 per cent in India’s total export of $8.782 billion in 2021. The figure stood at $131.690 million in the first four months of this year, as per TexPro.
In terms of India’s share in Africa’s import, apparel and home textiles stood at 3.33 per cent and 9.83 per cent respectively during last year.