In a recent meeting, India's minister of external affairs, Dr. S Jaishankar, discussed trade matters with Singapore's minister of trade and industry, Gan Kim Yong. Currently, India has a limited presence in Singapore's textile market, which is primarily dominated by China and Italy, holding a combined market share of approximately 45 per cent.
According to TexPro, Fibre2Fashion's market insight tool, Singapore's apparel imports from India gradually increased after the disruption caused by COVID-19. In 2019, the inbound shipments were recorded at $80.055 million, but they decreased to $45.197 million in 2020. However, they rebounded strongly in 2021, with a 32.35 per cent increase, reaching $59.821 million. The trade continued to grow in 2022, increasing by 19.33 per cent to reach $71.384 million.
During January to August 2019, the imports were noted at $58.890 million, but they declined by 50.87 per cent to $28.935 million in the corresponding period of 2020. However, they rebounded with a 35.08 per cent increase, reaching $39.087 million in January to August 2021. In the same period of 2022, Singapore imported apparel worth $42.949 million, as per TexPro.
ALCHEMPro News Desk (KUL)
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