Pandemic offers India an opportunity to dominate global textile machinery exports
COVID-19 has given Indian textile machinery manufacturers a rare opportunity to expand their share not just in the domestic but also international market. In FY2021, India’s textile machinery exports did not perform as per expectations. As per Textile Value China, machinery exports to all major destinations except Turkey dwindled. Exports to Germany declined to $5 million during the year from $6million in FY20 and $7 million in FY19. Oman imported the least number of machines in FY21 with purchases amounting to $17 million.
Malaysia, the largest importer of textile machinery from India
India’s textile machinery exports to Vietnam dropped from $30 million in FY19 to $15 million in FY20 and further to $6 million in 2021. Exports to the Netherlands also dropped from $20 million in FY19 to $6 million in FY21. Indonesia’s imports dropped from $10 million in FY19 to $9 million in FY20 and further to $7million in FY21. By value, Malaysia was the largest importer of textile machinery from India. Imports increased from $4 million in FY20 to $18million in FY21. Imports by Benin also increased from $2million in FY20 and $1 million in FY19 to $16 million in FY21. Uzbekistan’s import decreased from $19 million to $8 million.
Weaving machine exports to all expect Bangladesh decline
In FY21, India exported weaving machines worth $3 billion to Vietnam. This was a $2 million decline from exports worth $5 billion in FY20. India’s export of weaving machines to UAE and Turkey during FY21 amounted to $2 million while during FY20 it amounted to $1 million. Among these two countries, UAE imported weaving machines worth $19,000 while Turkey imported machines worth $95,000 during FY19. Bangladesh’s import of weaving machines during FY21 increased to $4 million from $2 million in FY20. Exports to Tanzania, Brazil, Egypt and Mexico dwindled by $1 million in FY21 while exports to Indonesia dwindled from $2 million in FY19 and 2020 to $91,000.
Germany imports highest number of knitting machines
Germany emerged the highest importer of knitting machines from India in FY21. The country’s imports of knitting machines increased from $1 million in FY19 and $18,000 in FY20 to $2 million in FY21. The second highest importer of knitting machines from India was Nepal which imported machines worth $45,000 in FY21.
Ethiopia imported knitting machines worth $27,000 in the FY21 while Malaysia imported machinery worth $22,000. Turkey’s import of knitting machines declined to $3,000 in FY21 from $25,000 in 2020. Japan imports declined from $44,000 in FY19 to $16,000 in FY21. Italy’s imports drastically fell from $1 million in FY20 to $3,000 in FY21.
Netherlands tops auxiliary machine imports in FY21
Netherland was the highest importer of auxiliary machines from India in FY21. Imports increased from $14 million in FY19 to $19 million in FY20. Germany’s imports declined from $30 million in FY19 to $10 million in FY21. China’s import of auxiliary machines dropped from $19 million in FY19 to $12 million in FY21. Japan’s imports surged ten times to $10 million in FY21 as did Malaysia’s imports which reached $7 million in FY21 from $1 million in FY20.
Bangladesh’s imports dwindled to $8 million in FY21 from $11 million in FY19. Similarly, Italy’s imports declined from $13 million in FY19 to $7 million in the next financial years. Auxiliary machine imports by Indonesia, Turkey and Singapore declined to $6 million, $5 million and $4 million during the year.
While the pandemic has led to wide decline in demand for textile machinery business, future prospects for India appear to be brighter with the country expected to be one of the leading exporters of textile machines in FY21.
