The 12th edition of the India Tex Trends Fair kicked off in Tokyo, Japan, with esteemed industry figures in attendance. Among them were Tsunenori Suzuki, Chairman of Japan Apparel Fashion Industry Council (JAFIC) and Chairman of Onward Holdings Co., Ltd., along with Kenji Ueyama, Vice Chairman of JAFIC and Chairman and Representative Director of World Co.
During his speech at the inauguration, Naren Goenka, Chairman AEPC hailed the successful organization of the India Tex Trends Fair over the past 11 years, with more than 180 exhibitors participating this year. He also shared the remarkable growth in Japan's total imports from the world, which surged from 28.49 USD billion in 2018 to 46.72 USD billion. Furthermore, Goenka underscored Japan's position as the fourth-largest garment importer globally, following the USA, Germany, and France.
Within the NEA (North-East Asia) region, Japan dominates with approximately 50% of the market share, making it the largest importer of garments in the area. The Japanese apparel market is projected to experience a Compound Annual Growth Rate (CAGR) of 2.55% from 2023 to 2027. Goenka emphasized the immense potential for Japanese trading companies to source from India's robust garment industry, which offers unique products and opportunities for trade diversification, especially with China's declining dominance in Japanese apparel imports.
Currently, India's share in Japan's total garment imports stands at just 1%, indicating substantial room for expansion. Goenka further highlighted India's strong business prospects in Japan, particularly in light of the decreasing garment supply from China over the past five years.
He underscored India's advantage of duty-free access for Ready-Made Garments (RMG) following the Indo-Japan Comprehensive Economic Partnership Agreement (CEPA), in contrast to China and Turkey, which face approximate 9% duties. Echoing Goenka's sentiments, Sudhir Sekhri, Vice Chairman of AEPC, emphasized India's advantageous position due to its abundant raw materials, such as cotton, jute, silk, and wool, combined with the world's second-largest spinning and weaving capacity.
This availability of resources enables the industry to achieve a remarkable 95% domestic value addition, offering a comprehensive value chain solution from farm to fashion. Sekhri highlighted India's competitive edge in terms of shortened lead times to reach buyers, supported by a skilled workforce and technological advancements that result in high-quality textiles meeting global standards.
The fair exhibits a wide range of products, including traditional cotton attire and unique items such as ladies' and men's apparel, outerwear, jackets, pants, skirts, stoles, nightwear, shorts, leggings, fashion accessories, organic and sustainable products. Additionally, the fair presents home fashion products like fabrics, bed and pillow covers, cushions, curtains, rugs, belts, tableware, home furnishings, and interior goods.
Running concurrently with the India Tex Trends Fair, seminars and B2B business delegation meetings were held to foster stronger understanding and collaboration among industry stakeholders from July 19th to 21st, 2023.
