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Indian garment exporters exploring new markets
12
Oct '11
Indian garment exporters are exploring new markets in the wake of slowdown in the traditional US and European markets.

The recent downgrading of US rating from AAA to AA+ by Standard & Poor's and the European debt crisis has affected the country's apparel export sector.

A slowdown in spring-summer demand is already visible, as the number of new orders with exporters is declining for the last two months. As a result, exporters are now evaluating trade prospects in Japan and some South American countries.

Mr. Rahul Mehta, President of The Clothing Manufacturers Association of India (CMAI), told Fibre2fashion, “The economies of the US and Europe are facing a downturn once again and so we will be looking at newer markets, especially Japan. Although Japan has also got its own economic problems, India's current level of garment exports to the country is very low and hence, there is a tremendous scope for increasing our exports there.”

“Apparel Exports Promotion Council (AEPC) is, of course, leading the efforts towards increasing our apparel exports to Japan. Along with Japan, South America is another region which the exporters are trying to tap,” he revealed.

He further informed that CMAI is leading a delegation of 12 brands to participate in an upcoming Expo in Hong Kong. “It is a new initiative started by CMAI to market Indian brands outside India,” Mr. Mehta said.

However, the CMAI President cautioned that all these are initial steps to expand India's garment export market. He added, “Exploring new markets do not happen over night or just in one season; it is a very slow process and requires a long-term effort.”

Fibre2fashion News Desk - India

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