At the beginning of the last fiscal year, key people in the home textile sector projected that export profits from this sector might touch billions of US dollars. But that dream remains a dream. The latest data from the Export Promotion Bureau (EPB) reveals that export incomes from this sector are falling. We should remind every sector to have an up and down position. So, exporters should try to increase worker efficiency and productivity, and bring in innovative machines to upgrade the production process.
The global export of home textiles increased 1.89 percent to $95.72 billion in the year 2019 compared to export of $93.95 billion in 2017. However, total exports declined 2.66 percent in 2019 over the previous year, according to data from Texport. The export is expected to move up to $98.35 billion in 2022 with a rate of 2.74 percent from 2019.
The global import value of home textiles was $64.87 billion in 2017, which rose 5.64 percent to $68.53 billion in 2019, according to a report. Total imports plunged 0.73 percent in 2019 over the previous year and is expected to rise to $72.63 billion in 2022 with a rate of 5.99 percent from 2019.
China $32.56 billion, Turkey $9.33 billion, India $6.87 billion and the US $6.24 billion were the key exporters of home textiles across the globe in 2019, together comprising 57.47 percent of total export. These were followed by Pakistan $4.11 billion, Germany $3.51 billion and Vietnam $3.46 billion.
From 2016 to 2019, the most notable rate of growth in terms of export value, amongst the main exporting countries, was attained by Turkey 19.63 percent, China 10.11 percent and India 8.33 percent.
The US $18.91 billion, Germany $5.43 billion, Japan $4.43 billion, UK $3.48 billion and France $3.16 billion were the key importers of home textiles in the globe in 2019, together comprising 51.71 percent of total import. These were followed by the Netherlands $2.45 billion, Canada $2.16 billion and Australia $1.73 billion.
From 2016 to 2019, the most notable rate of growth in terms of import value, amongst the main importing countries, was attained by US 13.75 percent, Japan 11.28 percent and Germany 9.19 percent.