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FTA with Australia to create level playing field for Indian garment exporters.

Date: 09-12-2022
Subject: FTA with Australia to create level playing field for Indian garment exporters
MUMBAI: India Ratings and Research (Ind-Ra) opines India’s free trade agreement (FTA) signed with Australia, effective 29 December, will be beneficial for Indian garment and home textile exporters. Australia’s zero import duty access to India (earlier 5%) will provide a level playing field with exports from China, Vietnam and Bangladesh. Given China accounts for almost 60% of textile imports into Australia (around $12 billion in 2020) with India at 5%-6%, Ind-Ra expects the volume of exports to  ..

FTA with Australia eliminates the import duty on textile exports from India bringing them at par with China, Vietnam and Bangladesh. India’s exports to Australia contribute 5%-6% to the total Australian requirement and at a value of $500 million-600 million, they remained at 1%-2% of total textile exports from India in 2020. Given the economic challenges being faced by some exporting nations and the increasing need to diversify supply chains, Indian home textile/garment producers are likely to b ..

India exports a significant proportion of its low value-added products (25%-30% in FY22) such as yarn and fabrics to China, Bangladesh and Vietnam which use them to value add and export to countries such as Australia and other potential FTA partners. Ind-Ra expects removal of these tariff barriers through FTAs to increase the incentive to create value addition within the country and increase the proportion of such products in the overall export basket. This will aid the process of diversificatio ..

The removal of duties under the FTA would need to be complemented with improved cost competitiveness with other Asian exporters. China, Vietnam and Bangladesh continue to hold major market shares in the import basket of Australia and a meaningful shift in volumes would necessitate looking at addressing tax anomalies, shortage of skilled labour and increasing the focus on sustainable practices including use of green energy. As wage costs in China continue to rise, India would stand to benefit, al ..

Ind-Ra as part of its mid-year Outlook FY23 has revised the sectoral outlook for textiles to deteriorating to reflect the slowing demand in the US and Europe. The build-up of inventories on account of the cut back on discretionary product expenditure and the reallocation of expenses to services have reduced imports into the key US market. Consequently, the home textile segment continues to experience a demand slowdown whereas other segments of cotton ..

 Source Name:-Economic Times

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