According to a report recently released by the United Nations Conference on Trade and Development, India’s total trade losses were approximately US$348 million due to the epidemic. Specific to each industry, the chemical product industry lost approximately US$129 million, the textile and apparel industry lost approximately US$64 million, the automotive industry lost approximately US$34 million, the electronic machinery industry lost approximately US$12 million, and the leather industry lost approximately US$13 million. And the metal products industry lost about 27 million US dollars, and the wood products and furniture industry lost about 15 million US dollars.
China is India’s largest source of imports. The Indian economy has suffered a huge impact, which will greatly increase the risk of China’s exports to India. At the same time, India has been making continuous moves recently, imposing tariffs, customs deductions, boycotting domestic products, blocking APPs, and strengthening origin The intensity of certification review... The political tensions between China and India have also cast a haze on the prospects of the textile and apparel industry.
India launched an anti-dumping investigation on polyester chips from China, and the amount of money involved in the textile industry is growing rapidly
On August 5, 2020, the General Administration of Trade Remedy of the Ministry of Commerce and Industry of India issued an announcement ruling that Chinese-made Polyethylene Terephthalate (also known as PET Resin) entered the Indian market at a price lower than normal during the investigation period. It has caused substantial damage to India’s domestic industries and there is a threat of further damage, and there is a causal relationship between dumping and damage. Therefore, it is recommended to impose a temporary anti-dumping duty of US$15.54-146.11 per ton on the polyethylene terephthalate produced by the litigating enterprise, and impose a unified provisional anti-dumping duty of US$200.66 per ton on other enterprises.
"In recent years, India has initiated more frequent anti-dumping investigations against China." At the third economic and trade early warning situation analysis meeting, Li Wei, deputy inspector of the Legal Affairs Department of the China Council for the Promotion of International Trade, for example, took viscose filaments as an example, although India has long Relying on imports, Indian companies and governments have repeatedly used tariffs and anti-dumping measures to prevent Chinese products from entering. In 2005, India initiated an anti-dumping investigation against Chinese viscose filaments. In 2017, it launched an anti-dumping sunset review investigation. In 2018, it made the second anti-dumping sunset review final decision. From 1995 to 2004, although India initiated a large number of anti-dumping investigations against my country, the amount involved was much lower than that of the United States and the European Union. Since 2005, the amount of India's anti-dumping against China has risen rapidly, and by 2016 it had reached billions of dollars. At present, the product range of India's anti-dumping investigations against China is becoming wider and wider. The top three are the chemical raw materials and products industry, the pharmaceutical industry, and the textile industry. The amount of money involved is showing a rapid growth trend.
In the early stage, the Indian Manmade Fibers Industry Association also applied for an anti-subsidy investigation on viscose filament yarns over 60 generations in China. India’s 500-550 products in leather products, agricultural products, textiles, etc. are in competition with China. Judging from India’s current tough attitude towards Chinese products, it is not impossible to impose tariffs on textiles in the future. At present, there is a lot of voice in India. In particular, the risks in the textile industry are worthy of attention.
The foreign trade prospects of the textile and garment industry are overcast, and textile companies need to change their thinking and be alert to risks
The foreign epidemic situation continues to spread. The daily increase in the number of people diagnosed with the new crown epidemic situation in the tens of thousands has formed a greater resistance to the export of textile and apparel products. At the same time, apart from India, tensions in Sino-US relations and the Vietnam-Europe Free Trade Agreement have also cast a haze on the prospects of the textile and apparel industry.
In the United States: In the early morning of July 21, the Bureau of Industry and Security of the US Department of Commerce suddenly announced that it would include 11 Chinese companies in the "Entity List", including Changji Esquel Textiles, Hetian Teda Garments, and Nanjing Xinyi Cotton Textiles. Enterprises, and on May 24, the subsidiary of Huafu, the world's largest color spinning company, was also included in the list.
Vietnam: Vietnam’s free trade agreement with the European Union came into effect on August 1. According to the agreement, the European Union immediately eliminated 85.6% tariffs on Vietnam, which is equivalent to 70.3% of Vietnam’s exports to the European Union. Seven years later, the 99.2% tariff on Vietnam will be eliminated, which is equivalent to 99.7% of Vietnam’s exports to the EU, and the remaining 0.3%. The EU promises to import zero tariffs through quotas. Conversely, Vietnam will eliminate 48.5% tariffs on EU exports (64% of total imports). Eliminate 91.8% of tariffs (97.1% of total imports) after 7 years, and eliminate 98.3% of tariffs (99.8% of total imports) after 10 years. At present, Vietnam's garment and textile industry has occupied a place in the international market. In the past, the purchasing strategy of European and American apparel companies was China and many other countries. Now it has been changed to 30% to 50% for China, 10% to 30% for Vietnam, plus other countries. The official entry into force of this free trade agreement will undoubtedly help Vietnam further expand its export volume. At the same time, it may further aggravate the situation of increased competition in my country's textile industry.
At present, my country’s textile industry is facing overcapacity, export sales are facing epidemics and political factors, and now with the export order diversion caused by the Vietnam-EU Free Trade Agreement, the textile industry can be said to be in dire straits this year. For textile companies, under the influence of the epidemic, on the one hand, they must grasp the orders in their hands, on the other hand, they must put their eggs in a basket and turn part of their attention to the domestic market. In terms of foreign trade, they must also actively expand political risks. The markets of smaller countries strive to be prepared.
India initiates anti-dumping i
