South Korea's textile machinery targets the Indian market
In the past two years, the Indian textile industry has witnessed a notable rise in the import of textile machinery from South Korea. This surge is driven by the desire to capitalize on the growing opportunities presented by a quota-free trade environment, which has opened new doors for international suppliers.
According to officials at the South Korea Trade Center, India’s imports of textile machinery from South Korea reached $40 million in the 2003-04 fiscal year, and this figure jumped by 25% in the following year, reaching $50 million in 2004-05. The steady growth reflects the increasing demand for advanced textile equipment in India.
South Korean textile machinery manufacturers are keen to tap into India’s rapidly expanding market. To enhance product value, improve quality, and introduce innovative fabrics, Indian textile companies are expected to continue investing in high-quality machinery from South Korea. This trend highlights the importance of technological advancement in the sector.
Among the various types of machinery imported from South Korea, embroidery machines have been the most sought-after. In 2003-04, India imported $3 million worth of embroidery machines from South Korea, and this demand continued to grow in the next fiscal year. Recent data from the first eight months of this year shows that imports of embroidery machinery from South Korea surpassed $3.3 million, indicating sustained interest.
When comparing the competitiveness of China’s and South Korea’s textile machinery industries, the chairman of the South Korea Trade Center noted that India imports a significant amount of second-hand machinery, including from South Korea. This may partly explain why South Korea faces challenges in maintaining its competitive edge against China. While Chinese machinery is generally cheaper, it often lacks the technical sophistication offered by South Korean products. However, the cost factor remains a key consideration for many Indian buyers.
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