Several leading silk producers have faced declines over the past year. However, recent news suggests that new technology and initiatives will help boost the markets in these countries. Details on the challenges faced by Vietnam and India, as well as their future prospects, are some of this week's featured stories on BizVibe. BizVibe is the world's smartest B2B marketplace and allows users to connect with over seven million companies around the globe.
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Market opportunities in the global silk industry (Graphic: Business Wire)
New innovations create opportunities for Vietnam's silk industry
Vietnam's resilient silk industry will likely undergo rapid modernization and advancement in the coming years, moving away from tradition while still remaining a core part of the country's culture and history. Vietnam is the sixth leading silk producing country in the world, producing approximately 450 metric tonnes of silk in 2015.
Though the quantity of silk being produced in Vietnam has declined by 100 metric tonnes from 2010, the future of silk production in Vietnam looks promising, with new innovations and technologies on the horizon. Silk production is expected to move away from traditional methods in many areas in favor of high-tech and high-production technologies.
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Challenging year brings decline to India's silk industry
The financial year 2015-16 was not a strong one for the Indian silk industry. Exports fell from USD 468.96 million during 2014-15 to USD 364.89 million. The Central Silk Board of India attributes this decline to the global recession, as well as difficult climatic conditions.
Despite this drop in exports, India remains the second-largest producer of silk in the world, accounting for about 18% of the world's raw silk production. It consumes almost 80% of the silk it produces, meaning that despite changes in the global economy, the country will still have a large market for its silk products in the future.
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Recent discoveries shine new light on history of silk
The past year has brought new information to light and given scientists and historians a greater understanding of how silk was used thousands of years ago. In December 2016, scientists found evidence of silk in ancient tombs in the archaeological site of Jiahu, China, one of which was more than 8,500 years old. Silk was previously commonly believed to have originated in China approximately 6,000 years ago.
This discovery complements a finding made earlier in 2016 regarding the Silk Road and how silk traveled from China, its place of origin, to other countries. According to the University of Cambridge, the Silk Road extended much further south than was originally thought. These findings shed light on ancient textile production methods and uses of silk, and set the stage for many more findings to come in these areas.
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View source version on businesswire.com: http://www.businesswire.com/news/home/20170127005715/en/
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