Asian textiles surge back

ASIAN textiles, once considered a fading industry, are now showing strong growth prospects mainly due to demand from expanding middle classes, according to a recent AFP news agency report from Singapore. Development of 'latest technology' in this regard is also attributed for the growing success of the Asian textiles sector. Known in the past as back-alley shops churning out cheap material, many Asian firms are shedding their sweatshop image as they move to compete in the global market. Stricter environmental standards required by Western countries are also prompting consolidation and innovation in the industry, according to one of the world's top suppliers of textile dyes and chemicals.

One year after the global financial crisis exploded, Asian economies are rebounding faster than the West, boosting the textile industry's hopes. The Asian Development Bank recently upgraded its forecast for the region's 2009 economic growth to 3.9 per cent. China is forecast to grow 8.2 per cent this year and 8.9 per cent in 2010. The market is changing, customer taste and demand are also changing-as spectacularly visible from increased spending power in the Chinese provinces. In business, the future is in Asia and it is going to be driven from Asia, not from Europe and America, the media report said.

Bangladesh, India, Pakistan and China are the world's top textile producers as well as major consumers. Apart from apparel, a major driver for the industry is the demand for what is called 'technical textiles' or fabrics used in cars, mattress covers, bags, tents and parachutes, among others. As Asia's spending power grows, people want to buy different products and that is going to lead to the development of a whole new market for technical textiles which, in fact, did not exist before.