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According to officials from the South Korea Trade Center, in 2003-04, India's textile machinery imports from South Korea reached 40 million US dollars, which increased by 25% in the 2004-05 fiscal year, reaching 50 million US dollars.
South Korea's textile machinery company hopes to capture the booming opportunities in the Indian textile market. In order to increase the value-added components of textile products, improve quality and innovate fabrics, Indian textile companies are expected to consolidate the purchase of their textile machinery.
Among the textile machinery exported from South Korea to India, embroidery machinery is the most demanding item. In 2003-04, India imported $3 million from South Korea's embroidery machinery and continued to prosper in 2004-05.
According to data from the first eight months of this year, India’s imports of embroidery machinery imported from South Korea exceeded the $3.3 million mark.
Regarding the comparison between China's textile machinery industry and South Korea's competitiveness, the chairman of the South Korea Trade Center said that the Indian textile industry imports a large number of second-hand textile machinery, including imports from South Korea, which may be South Korea's textile machinery lost in India's competitiveness. One of the reasons for China. The cheaper price of machinery in China is another reason, but the technical content of textile machinery provided by China is not very large.
South Korea's textile machinery targets the Indian market
In the past two years, the Indian textile industry has seen an increase in imports of textile machinery from South Korea, in order to take full advantage of the business opportunities of a quota-free trading environment.