India Denim Detours Bangladesh Into China
Due to the depreciation of the rupee in India, the appreciation of China's currency, the rise in labor costs in China, the slowdown in the western economy and the lower cost of labour and electricity in Bangladesh, so India denim is making a detour of Bangladesh into China.
Since June, rupee, India
dollar
Depreciation is about 20%.
During this period, China's renminbi appreciated by 4% against the US dollar.
As a result, jeans produced in China are becoming more and more expensive. China imports cotton from India to produce denim.
Besides, China's wages are also increasing.
Also, domestic consumption is expanding.
Because of all these factors, China has found that purchasing cowboy cloth from India is more economical than domestic denim production.
Therefore, China has begun importing denim from India for domestic enterprises and exported to other countries.
Ahmedabad denim fabric
production
Vikram Oza, director of finance at Jindal Worldwide, said that overall demand is declining due to the slowdown in the EU and the US economy.
On the other hand, jeans have not penetrated to a large population like China and India.
In the United States, consumption per capita is about 8 jeans per year.
In comparison, the annual consumption of Indians is 0.3, and China's annual consumption is less than 1.
Therefore, the average demand of India and China is 2-2.5 per capita.
He said that the cost of labor in China has risen recently, so India denim has passed through Bangladesh and
Vietnam?
In particular, Bangladesh entered China.
India denim first entered Bangladesh.
Bangladesh has a minimum monthly salary of 2250 rupees, while the monthly salary in India is 7000 rupees.
Another factor is the cost of electricity.
India is 5.50 rupees / units, while Bangladesh is about 3.50 rupees / units.
The downturn in the European market will also help India denim enter China because the demand for denim in China is growing.
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