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Indian apparel exports show positive signs
18
Jul '12
Clothing exports from India are showing some positive signs at a time when exports of most of the Indian items are witnessing a gradual decline.
 
In spite of a slump in orders from countries like Italy, Spain and Greece, which are the hardest-hit by the Euro zone crisis, Indian apparel sector continues to receive orders from the UK, France, Germany and the Netherlands. Also, there has been a rise in orders from the US.
 
Based on the current positive signs, the Indian apparel sector is confident of achieving the export target of US$ 18 billion set for the current fiscal.
 
With over 7,000 apparel exporters operating with about 11 million workers, India’s garment exports during last fiscal stood at US$ 13.7 billion, slightly below the set target of US$ 14 billion.
 
Presently, the sector is organizing road shows to penetrate into non-traditional markets. In April this year, a delegation comprising of 45 exporters visited South Africa, while last month another delegation paid a visit to Scandinavian countries – Denmark, Norway and Sweden, which are not much hit by the Euro zone crisis. 
 
Further, incentives provided under the Market-Linked Focus Product Scheme for exports to the EU and the US, and interest subsidy of two percent, are also propelling exports from the sector. 
 
India’s textile and apparel sector has received bulk orders for exports during the coming months and the hence, the sector’s exports are bound to grow, according to the Commerce Secretary Mr. SR Rao.
 
The India-EU Free Trade Agreement, which is expected to be signed by the close of the current year, would help Indian apparel sector to gain greater market access to the EU markets, thus providing it an enhanced competitive edge with countries like Bangladesh, which benefits from duty-free exports to the US.
 
As per the data, clothing exports from India plummeted by 12 percent to US$ 3.2 billion during the first quarter of the current fiscal. 
 
India’s Ministry of Textiles is also optimistic that despite slump in demand from the EU and the US, the country’s textiles and apparel exports would be able to achieve the target of US$ 40.5 billion this year, up from last fiscal’s US$ 33 billion. 
 

Fibre2fashion News Desk - India


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