India is ready to double its ready-made clothing market share, with 12% in the UK in the near future: CareEdge
The global textile trade in ready-made clothing (RMG) and RMG trade in 2024 is approximately US$525 billion. The main markets include the European Union (EU), the United States of America (US), the United Kingdom, Japan, Canada, Canada and South Korea, accounting for nearly 44% of global imports.
The UK is one of the top five RMG markets, with imports of approximately US$20 billion in 2024.
CareEdge said that India currently exports nearly 1.2 billion rupees to the UK at a total export volume of US$1.5-1.6 billion.
rating agencies say countries like Bangladesh, Türkiye, Cambodia and Italy enjoy no obligation to enter the UK market, while Vietnam and Pakistan benefit from lower tariffs. explain. According to CareEdge, India now has a 12% duty advantage over China, with China taking the largest market share in UK RMG imports.
“China has lost market share over the past few years and is expected to continue to lose its share in the UK’s RMG market due to its decline in competitiveness and has been supported by rising labor costs and a “China plus one” procurement strategy adopted by global apparel brands and retailers,” the rating agency said.
Furthermore, socio-political uncertainty in Bangladesh may also lead retailers with significant operations in the country to diversify their procurement, thus benefiting India.
The overall demand recovery of overall RMG demand in the UK, moderate inflation and interest rates, as well as India’s post-competitive competitiveness increase and continued favorable policy regimes in India, such as the PM Mega Mega Integrated Textile Region and the PM Mitra Park and the Production Link Rewards (PLI) scheme, is expected to help the industry seize these further export opportunities and add these further opportunities.
