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Demand from new markets push India's apparel exports
27
Dec '11
India's apparel exports witnessed a sharp increase in October 2011 owing to a rise in demand from markets like Latin America and Japan.

India's apparel exports surged by around 23 percent to US$ 913 million during the month, up from US$ 744 million recorded in October 2010, the apparel Export Promotion Council (AEPC) noted.

According to AEPC, besides growing demand from new markets, the rise in apparel exports is also because of low demand during October 2010, which has produced a low-base effect.

Apparel exports jumped by 31 percent to US$ 7.6 billion during April-October this year from US$ 5.8 billion during the corresponding period last fiscal.

India's apparel exporters are further exploring newer markets like Japan, Latin America and Africa to reduce their reliance on traditional markets like the EU and the US, AEPC said.

Presently, more than 70 percent of India's overall apparel exports are towards the EU and the US.

For the current fiscal 2011-12, AEPC estimates the country's overall apparel exports to exceed US$ 14 billion.

Last fiscal, India exported apparels worth US$ 11.1 billion reflecting a year-on-year rise of 4.4 percent.

Presently, around seven million people in India depend on the apparel industry for their livelihood, with a 50 percent of them serving the export industry.

Fibre2fashion News Desk - India

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