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Big SETBACK to China: India's export to US sees HUGE uptick this year—Mansi Dave lists shares that are poised to BENEFIT
India exported maximum 46.5% textile to the US only in first five months this year.
India's textile export to the United States has seen a huge uptick. India exported maximum 46.5% textile to the US only in first five months this year. Talking about this development, news anchor and senior producer Mansi Dave said this year India has made an export of around Rs 30,000 crore to US, that too in just 5 months (till May 2021).
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"Leaving behind China, India has emerged as the biggest exporter of textile to the US. This has to do with the US's unwillingness to do business with China, which has also increased America's dependence on India. The US dependence on India has come up as huge positives for this sector. China's export to the US has declined by 28 per cent in the last 5 months, while India's export has significantly grown during this period. "
US को टेक्सटाइल एक्सपोर्ट बढ़ा
— Zee Business (@ZeeBusiness) July 16, 2021
India's textile export to the US as on year on year basis shows huge jump. " As compared to January- May 2020 and January- May 2021, yarn export to the US increased from 7 crore to 11 crore. Similarly, during the same period, made-up textile exports shot up from 130 crore to 222 crore and apparel segment increased from Rs 144 crore to Rs 177 crore during the corresponding period. Overall, against Rs 305 crore export last year, India has pushed export of Rs 447 crore in the first five months, which is 46 to 47 per cent uptick," said Mansi Dave.
India's textile export to the US comprises yarn segment (14%), home textile (11%) and global textile (4%), she said.
Gokaldas exports, Nahar Spinning Mills ltd, Precot limited, Loyal Textile Mills Ltd, Century Textile and Industries Ltd are some names that do not make much news, however, on the back of this development shares of these companies will see huge growth in the days to come. While big names in this segment—Arvind Fashions, Raymond, Bombay Dyeing and Monet Carlo shares — will automatically benefit.
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