India’s readymade garment exports, which had remained at a low ebb, have registered a turnaround in the current financial year. In September the exports of readymade garments (RMG) rose 17.3% to $ 1.1 billion. For the first half of the financial year 2024-25 the exports have been up 8.5% to $ $ 7.5 billion. The growth had returned in February itself and barring 1% year-on-year contraction in April, apparel exports have been in positive zone in the current fiscal.
“India’s RMG exports have recorded high growth despite global headwinds and continued inflationary pressure. Even the major apparel exporting countries have witnessed a slowdown in the RMG export growth in recent months.” chairman of Apparel Export Promotion Council (AEPC) Sudhir Sekhri said.
India’s garment exports have stagnated for more than a decade. Between 2013 and 2023 they grew from $ 13.9 billion to $ 14.5 billion, a cumulative growth of just 4.6%. During this period Vietnam and Bangladesh apparel exports surged far ahead of India.
Banks have to remain alert in social media space, warns RBI Governor
Gold may correct till Rs 75000 says Angel One
Shoppers in US and India embracing hybrid approach – Report indicate shifting trends across e-commerce
IRCTC celebrates 25th anniversary with special discounts on flight tickets- Details inside
“India is uniquely placed with the advantage of low import dependence, existence of the entire ecosystem from fibre to fashion, abundant and young labour force and therefore scope for growth is unlimited,” Sekhri said.
“We have started harnessing the untapped potential and have been logging impressive double-digit growth in RMG exports in the past few months despite geo political challenges and supply chain disruptions,” secretary general of AEPC Mithileshwar Thakur said.
India is doing exceedingly well in some of the top apparel markets. During April- August 2024 RMG exports to the USA registered 9.7% growth, UK 6.1%, Germany 7.2%, Spain 16% and Netherlands 27.8%.
Growth has been witnessed in FTA partner countries also, with exports to South Korea registering a jump of 17.3%, Japan 8.5%, Australia 9.3%, Mauritius 13%, etc. during the period April- August 2024. “Quite clearly FTA partner countries are now paving the way for RMG market expansion and growth,” Thakur said.
“This year we will be participating in many big international fairs and will be hosting Bharat Tex again in 2025 to increase our global footprint. As a buildup to Bharat Tex 2025, we held roundtables with global brands and buying consultants. The presence of a large number of buying agents and buying consultants during the roundtables indicated their willingness to forge a stronger relationship with the Indian exporting community,” Sekhri said.
AEPC will be conducting international roadshows in Spain and New York this month, to showcase the best of trade, technology and tradition.
From: financialexpress
Financial News
