Significant opportunity for India to increase its market share
By Sanjay Arora, Wazir Advisors (sanjay@wazir.in)
Spain is the world’s eighth-largest textile and apparel importer. Apparel is the largest imported category accounting for 71% of Spain’s total T&A imports. In 2020, Spain exported textile and apparel worth US$ 15.8 bn. while imports for the same stood at US$ 22.8 bn. As a result of the Covid-19 epidemic, Spain’s a textile and apparel trade fell in 2020.
Spain’s T&A – Import Scenario:
Spain’s imports of textile and apparel stood at US$ 23 bn. in 2020. The country’s imports declined by 7% compared to last year because of the prolonged crisis. Overall, the market is dominated by Knitted apparel, followed by woven apparel with 35% and 34% share, respectively. China, Bangladesh, Turkey, and Morocco are the top 4 suppliers, accounting for more than 60% of the total T&A imports by the country.
The maximum share in imported apparel commodities comes from knitted apparel. Cotton trousers, breeches, and shorts were the largest imported category in 2020 with a share of 9% followed by t-shirts, singlets, and vests of cotton with a share of 8%. Cotton and MMF-based T-shirts, jerseys, cardigans, etc. were also among the top 10 imported commodities of 2020.
India’s Textile and Apparel exports to Spain
Spain is India’s fifth-largest market for Textile and Apparel. India’s exports to Spain stood at US$ 891 mn. in 2019 and US$ 636 mn. in 2020. India’s share in Spain’s textile and apparel imports was constant at 4% for the prior 4 years but fell to 3% in 2020. Apparel dominated T&A exports from India to Spain with a share of 69%, followed by Home Textile with a 9% share.
As Spain is a net importer of textile and apparel products, India has a significant opportunity to grow its market share. While focusing on existing categories, India should place more emphasis on potential apparel products such as non-woven garments, t-shirts, synthetic women’s apparel. Additionally, India should also have to focus more on potential textile products i.e. combed cotton yarn, cotton woven fabrics, etc. These products are in high demand in Spain, and India is a global competitor in these sectors, thus it is a great opportunity for India to hold a significant share in Spain’s textile and apparel imports.
Wazir Advisors, your trusted business advisor in the Textile and Apparel sector can assist you in strategy formulation and implementation, forming alliances and joint ventures, investments, market understanding, sector analysis, and due diligence, thereby providing end-to-end solutions spanning the complete business cycle in the textile value chain. Wazir can also help you in understanding and strategizing your business to align well with the Italian Textile and Apparel market.