India’s overall textile exports to the US fell by 3.6% while overall US imports fell by 1.7% in July 2008. China’s textile exports in July were up 0.7% yoy. In the apparel category, imports by the US fell by 0.5% while India’s apparel exports fell by 4.9% and China apparel exports grew by 1.1%.
India’s market share in textile export slipped 9bps yoy. China continued to regain market share in August, as its share rose to 37.0%, up about 89 bps yoy.
Despite 12% depreciation of the Indian Rupee versus RMB from Jan 2008 to July 2008. However, India does not seem to have benefited from this relative improvement in competitiveness yet.