Revival of Home Textile Exports: India, Pakistan, and Bangladesh Compete for Market Dominance
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- Published: Saturday, 27 April 2024 14:01
The home textile industry, once a cornerstone of global exports, experienced a downturn for over a year. However, there are promising signs of revival, with three South Asian countries – India, Pakistan, and Bangladesh – emerging as contenders for dominance in this resurgent market.
While all three countries faced a decline in 2022-23, Bangladesh has showcased remarkable export growth. Pakistan witnessed a modest 2.17 per cent increase in 2022, reaching $5.64 billion, while India's exports dipped by 9.88 per cent. Notably, Bangladesh's exports rebounded the fastest, with a 9.9 per cent year-on-year increase in February 2024 compared to the previous year.
Several factors contribute to Bangladesh's success, including its cost-competitiveness, government support, and focus on diversification beyond basic items.
The Russia-Ukraine war has significantly impacted traditional markets like the EU and US. However, emerging regions such as Southeast Asia and the Middle East are presenting promising opportunities due to rising disposable incomes and increasing demand for home goods.
While there is fierce competition between the three countries, each excels in specific product categories. India leads in premium bed linen, leveraging its expertise in fine cotton and intricate craftsmanship. Pakistan dominates the furnishing and upholstery segment, renowned for its high-quality fabrics and diverse designs. Both Pakistan and Bangladesh are strong contenders in towels, offering a variety of options at competitive prices. Additionally, Bangladesh is making strides in diversifying its offerings, including kitchen textiles and bathroom essentials.
The global home textile market is poised to rebound in the coming years, driven by factors such as rising disposable incomes and increasing urbanization in developing countries. However, sustainability, innovation in design, and technological advancements will remain key focus areas for all three countries.
By capitalizing on their strengths, adapting to market trends, and prioritizing innovation, India, Pakistan, and Bangladesh can solidify their positions as leading global players in the home textile industry.
The revival of home textile exports not only promises economic growth for these countries but also underscores their resilience and adaptability in navigating global market challenges.