Asian textile sector, which was once beleaguered, hurt bythe pangs of downturn, is no longer a fading industry.


Asian textile industry, which was hit badly by therecession, and was perceived to succumb to its hold, is now showing stronggrowth prospects. During the past years, textile industries in Asia was known for its alley shops, and using inexpensive materials for making apparels.Currently, the country is going through a phase of rapid transformation,shedding their sweatshop image so as to compete in the global market. After thelapse of a year since the global recession started, Asian economy isrejuvenating faster comparatively over the Western economies.


Growth Drivers:


Global market for textiles is changing, along with thecustomer tastes, and demand. Asia is in the global radar attracting theattention of other international countries. China, India, and Bangladesh are the leading textile manufacturers and major consumers as well. South East Asia and Pakistan are growing key players.


Advancements in technology and growing status of themiddle-income people are the key factors behind this. Growing income levels ofthe middle class consumers prove to be a main factor for the growth of theindustry. Dual income in the middle class consumers families andsophistication of their clothing choices attribute to the growth of the textileindustry. Middle income consumers constitute majority of the population inAsian countries. As the spending power of the middle class consumers increase,they want to buy variety of products that lead to the development of their lifestyle.


Much focus by the Western countries regarding environmentalstandards also prompts the performance of the industry. Clothing materials withultra-violet resistant, apparels that require easy wash, wrinkle free textiles,and less polluting detergents have appeared in the market.


Season's Cheer:


Mild signs of revival are seen with export orders beginningto flow in a gradual speed. Inventory levels are growing for the Christmasseason, which indicates a positive future on the cards. Consumer demand isshowing signs of revival, with the clothing sales showing increasing figurescomparatively over the corresponding period of the previous year. Of the 16million USD worth of global dyes and chemicals market for textiles, Asia now buys 45% for its textiles.


The future of textile business is in Asia. The industry isoptimistic for revival and a quick growth. The country that was once having animage of working with many sweatshops, popular for its alleyway shops, andcheap fabric materials, has moved into the global arena and is all set tohandle the tough universal competition. The Asian textile industry isoptimistically expected to do well in the coming months.


References:


  1. &sec=article&uinfo=<%=server.URLEncode(2162)%>" target="_blank">http://www.dawn.com/
  2. &sec=article&uinfo=<%=server.URLEncode(2162)%>" target="_blank">http://www.thehindubusinessline.com/
  3. &sec=article&uinfo=<%=server.URLEncode(2162)%>" target="_blank">http://www.prlog.org/