Indian cotton industry

China's renminbi devaluation a concern for Indian textile exporters

GMT 13:28 2015 Tuesday ,18 August

Sriyadithatextile - China's renminbi devaluation a concern for Indian textile exporters

Home Textiles Product
Courtesy Google

Why are Indian producers of bed linen and towels - major parts of home textiles segment - excited about the slow but steady improvement in outlook for the United States (US) housing sector after the collapse wrought by the brutal financial crisis of 2008-09? This year's June proved to be exceptional when, according to the US commerce department, new home starts rose sharply by 26.6 per cent. These, besides existing home sales in the US, are now at their highest since 2007 as the boom returns to the rental market.

"All this spells good times for us in the home textiles division. You see when families or individuals in the US or other developed economies move to new abodes, they compulsorily buy fresh sets of bed linen and towels. If excitement among us exporters is palpable, it is because the US happens to be the world's biggest importer of home linen followed by the European Union (EU).

The house building industry in the UK too, continues to remain buoyant with required annual supply of homes seen at 240,000. That's again good news for home linen manufacturers," says Anil Jain, chairman, Indo Count Industries.

Bed linen alone, famed towels - used at the Wimbledon in separate colours for men and women contestants - are made in a Gujarat factory by Welspun since its acquisition of the iconic British towel manufacturer Christy in 2006. For India's home textiles sector, retailing in the US is making a strong comeback since late 2014.

"Whether it's a towel or bed linen, the growing numbers of customers in developed markets like the US are becoming more and more demanding about the quality and are ready to pay a few extra quid for that. A better part of one's life is spent sleeping. Why sleep on junk when premium quality sheets will give comfort and last much longer than the ordinary? We, at Indo Count, saw the opportunity to scale up from a large cotton yarn manufacturing unit to producing bed linen by installing air jet looms for 'wide width' fabrics," said Jain.

An industry official said whether an Indian manufacturer will stand to benefit from lucrative markets of the US and the EU for home textiles will depend on how efficiently the chain - from procurement of raw material (in this case mostly cotton which comes in a range of quality) and various stages of manufacturing to finally reaching the product to buyers in good time - is managed.

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