Channel: Trade

Saturday, July 31, 2010
Trade in apparel articles and accessories, knitted or crocheted
The total trade between India and the UK in Apparel articles and accessories, knitted or crocheted (HS Code - 61) has increased at a powerful compound
Tables & Graphs
 
 

The total trade between India and the UK in Apparel articles and accessories, knitted or crocheted (HS Code - 61) has increased at a powerful compound annual growth rate (CAGR) of 15.892% over the past decade. The total trade between these two nations was GBP 106.19m in the year 2000, thanks to the strong upward growth rate in every year over the whole decade. The highest total trade between these two nations was at GBP 400.48m in the year 2009, when it grew by 12.24% over the last year. Their growth rate dint go down heavily even in the recession years when it grew by a solid 13.48% compared to the last year. Year 2009 too showed solidity by growing at a decent pace.

 

This corridor saw the highest growth rate of 25.10% during the last decade in the year 2001; can be attributed to the low base. Years 2005 and 2007 showed a growth rate of 22.97% and 22.53%, more than the average CAGR for the total decade. The total trade in this sector grew slowest by a mere 3.80% in the year 2002, post 2001 crisis.

 

After a slump in the growth rate trade surged slowly but surely in the coming years with a sound growth rate of 11.51% in the year 2003, followed by 19.79% and 22.97% in the years 2004 and 2005.

 

This corridor has been dominated by India for the whole of this decade. UK’s exports to India in Apparel articles and accessories, knitted or crocheted (HS Code - 61) was a mere GBP 0.70m in 2000 whereas it was GBP 105.49m the other way round. Contribution of UK’s import from India of the total trade over the last decade was at a staggering 99.375%. India has witnessed the ever increasing surplus each year. UK imported maximum from India during this period which can be attributed to the lower cost in India.

 

Quick Facts
Trade Growth and Declines
  • The exports of Apparel articles and accessories, knitted or crocheted (HS Code - 61) from the UK to India in the year 2009 stands at GBP 2.17m while that of Import from India to the UK was at a mammoth GBP 398.31m.

  • UK’s Import from India has seen a very low growth rate of 3.82% in the year 2002.
  • Recession dint hit the UK’s import from India that badly instead it grew by decent growth rates of 13.82% and 12.39% in the years 2008 and 2009 respectively.
  • Recession hit UK’s export to India as the trade slid by 20.8% and 9.58% in the years 2008 and 2009 respectively
  • UK’s export to India showed negative growth rates of 44.59%, 44.52% in the year 2003 and 2005 respectively.
  • UK’s export to India grew at a CAGR of 13.31% over the last decade; with the extreme small base it does not look exciting at all.
  • Whereas, the UK’s import from India grew by a very sound CAGR of 15.908%

 

Share of trade
  • UK’s total import of Apparel articles and accessories, knitted or crocheted from the world stood at GBP 6.569b in the year 2009. It witnessed an above average growth rate of 7.40% over the last year.

  • UK’s import from the world dint withers a bit by recession as it grew by a handsome 8.80%, third highest percentage YOY growth rate registered in the last decade. India bettered the world’s average as it registered a growth rate of 13.82% during the same year. UK imported more from India as compared to the world.
  • India has always held a significant pie in the UK’s total import from the world. India’s share in the UK’s Import started with 2.85% in the year 2000 which went only to see a steady upsurge in the share over the whole decade. India’s share dint goes down even for once. India’s share has increased to 7.04% in 2010.
  • UK’s total export of Apparel articles and accessories, knitted or crocheted to the world stood at GBP 1.407b in the year 2009, when it grew by 6.37%; the highest growth rate of the last decade.
  • UK’s export to the world saw the largest decline in the growth rate i.e. -2.02% in the year 2005 when it slipped from trade value of GBP 1.168b.
  • UK’s export to the world got affected mildly by recession as it grew by a modest 3.41%, over the last decade. On the contrary, UK’s export to India showed a negative growth rate of 20.80% during the same year, 2008. UK exported lesser to India as compared to what it exported to the world.
  • UK has never exported much to India during the last decade. India’s share in the UK’s total export has always remained abysmal and has never crossed even a half of a percentage.
  • India’s share in the UK’s total exports was the highest in the current year 2010 (Jan-Apr) at 0.30% which kept on oscillating over the whole decade.
  • UK’s export of Apparel articles and accessories, knitted or crocheted (HS Code - 61) to the world grew at a CAGR of 3.99%, way lower than the CAGR, 13.314%, of the UK’s export to India. This shows that the comparative advantage of the UK’s exporter with respect to India has increased over time.
  • UK’s import of Apparel articles and accessories, knitted or crocheted (HS Code - 61) from the world increased at a CAGR of 6.587%, whereas the UK’s import from India grew at a much higher CAGR of 15.908%. This shows that the comparative advantage of the India’s exporter with respect to the UK has grown over time.

 

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