19 July 2023, Mumbai
Who's who; The 12th edition of the India Tex Trends Fair commenced today in Tokyo, Japan, graced by the presence of esteemed industry figures such as Mr. Tsunenori Suzuki, Chairman of Japan Apparel Fashion Industry Council (JAFIC) and Chairman of Onward Holdings Co., Ltd., as well as Mr. Kenji Ueyama, Vice Chairman of JAFIC and Chairman and Representative Director of World Co.
The inauguration was also attended by Naren Goenka, Chairman of AEPC (Apparel Export Promotion Council), Sudhir Sekhri, Vice Chairman of AEPC, Ashok Rajani, Chairman of F&E, and representatives from renowned brands and retail chains.
Strong showing
During his speech at the inauguration, Naren Goenka expressed his satisfaction with the successful organization of the India Tex Trends Fair over the past 11 years. He highlighted the event's growth, noting that the number of exhibitors has increased from previous editions, with more than 180 exhibitors participating this year.
Goenka praised the enthusiasm and energy exhibited in the show, emphasizing the positive trend of apparel imports into Japan despite the challenges posed by the COVID-19 pandemic. He also shared the significant growth in Japan's total imports from the world, which rose from 28.49 USD billion in 2018 to 46.72 USD billion.
Unique position
Furthermore, Goenka emphasized Japan's position as the world's fourth-largest garment importer, following the USA, Germany, and France. Among the NEA (North-East Asia) countries, Japan holds approximately 50% of the market share, making it the largest importer of garments in the region.
The Japanese apparel market is projected to experience a Compound Annual Growth Rate (CAGR) of 2.55% from 2023 to 2027.
Goenka highlighted the immense potential for Japanese trading companies to source from the robust Indian garment industry, which offers unique products and opportunities for trade diversification, particularly with the decline of China's dominance in Japanese apparel imports.
Catch up play
Currently, India's share in total Japanese garment imports amounts to just 1%, presenting ample room for growth.
Goenka further noted that India enjoys a strong business opportunity in Japan, especially considering the decline witnessed in China's garment supply to the country over the past five years.
Strong pitch; He emphasized India's advantage in terms of duty-free access for Ready-Made Garments (RMG) following the Indo-Japan Comprehensive Economic Partnership Agreement (CEPA), compared to China and Turkey, which face approximately 9% duties.
Inherent advantages
Echoing Goenka's sentiments, Sudhir Sekhri, Vice Chairman of AEPC, highlighted India's advantageous position with abundant raw materials such as cotton, jute, silk, and wool, along with the second-largest spinning and weaving capacity globally.
This resource availability enables the industry to achieve a 95% domestic value addition, offering a complete value chain solution from farm to fashion.
Sekhri emphasized India's competitive edge in terms of shortened lead times to reach buyers, aided by its skilled workforce and technological advancements that result in high-quality textiles meeting global standards.
Chairman of F&E, Ashok Rajani, expressed the aim of AEPC to provide a global platform for showcasing India's best apparel designs and styles, aligned with the latest fashion trends.
The fair exhibits a wide range of traditional cotton and unique products, including ladies' and men's apparel, outerwear, jackets, pants, skirts, stoles, nightwear, shorts, leggings, fashion accessories, and organic and sustainable products.
Additionally, it showcases home fashion products such as fabrics, bed and pillow covers, cushions, curtains, rugs, belts, tableware, home furnishings, and interior goods. Rajani expressed confidence that Japanese buyers would find a diverse selection of quality products to fulfill their sourcing requirements.
Intellectual platform
Alongside the India Tex Trends Fair, seminars and B2B business delegation meetings were held to facilitate stronger understanding and collaborations between industry stakeholders from 19th to 21st July 2023.
