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Apparel exports heading towards $11bn mark in FY 11
21
Feb '11
The apparel exports from the country for the first time during the April-December, 2010 period touched the one billion dollar mark in December last year. This has raised the confidence of the apparel producers of attaining the $11 billion mark in apparel exports for the current fiscal year, which would be six percent above the last fiscal's exports.

India's apparel exports mainly grew during four months of last year, whereas it registered a fall of 3.1 percent during the initial nine months of the current fiscal.

But the December results are reflective of that, the Indian apparel industry is on the path of recovery, and is all set to grow further. Also, as China is confronting many difficulties and is willing to quit the mid and low-cost apparel segments, the buyers are now once again considering India for importing their requirements.

India is amongst the handful of countries that possess potential throughout the entire textile value chain which is an advantage for the country, and if even five percent of the China's trade shifts to India, it would bring in immense opportunities to the country, as China, with exports of around $110 billion stands to be a major player in the global textile trade.

Also, the free trade agreement between India and Japan is likely to benefit the Indian apparel industry the most, as according to this agreement, India's garments would earn a duty free access in Japan, unlike now when the garment manufacturers are paying duties of around 11 percent.

India's apparel exports to Japan for the current fiscal are expected to touch $125 million, and this may easily grow by another $50 million in the next financial year. Thus, Japan has a potential to grow into the third largest importer of apparels from India.

Also, the Indian apparel industry domestically has grown considerably, registering growth in double digits.

However, in spite of the revival, the industry is still confronted with issues like that of high prices of cotton and yarn, lower productivity and heavy taxes. If these problems are resolved, the industry has a potential to further grow by 30 percent.

Fibre2fashion News Desk - India

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