India is likely to miss its apparel export target of US$ 18 billion for the current fiscal 2012-13, mainly due to a slowdown in its traditional export markets.
India’s garment exports during the current fiscal year ending March 31, 2013, are expected to remain at US$ 14 billion, same as the exports achieved last fiscal, due to slowdown in demand in western markets, Mr. A Sakthivel, chairman of the Apparel Export Promotion Council (AEPC), has said, Business Line reported.
For the current fiscal, the Indian Government has fixed clothing export target at US$ 18 billion.
In 2011-12, Indian garment exports posted a year-on-year growth of about 18 percent and rose to US$ 14 billion.
During the first three quarters of the current fiscal, apparel exports declined 8.5 percent year-on-year to US$ 9 billion.
India traditionally exports about 65 percent of its garments to the US and Europe, which are going through an economic downturn.
To decrease dependence on the western markets, Indian exporters are promoting their products in new markets by organizing road shows and participating in trade fairs.
Indian exporters have already started bagging apparel orders from countries like Japan, Israel, South Africa as well as some South American countries, Mr. Sakthivel said.
To further boost apparel exports, AEPC has urged the Government to reduce customs duty to five percent on import of blended and synthetic fabrics.
Fibre2fashion News Desk - India