The Tirupur Exporters Association (TEA) expects knitwear exports from the region to reach the target of Rs 36,000 crore by 2016-17.
Addressing the 25th Annual General Meeting of TEA , its president Dr A Sakthivel said outbound shipments of knitwear from the region have already grown to Rs 20,730 crore in 2014-15 with favourable input factors boosting growth by 15 per cent growth over 2013-14.
Currently, Tirupur's market share in India's knitwear exports is 44.29 per cent and this would go up once the industry starts exporting synthetic-based garments, which have a market throughout the year globally, he said.
Backed by favourable cotton yarn prices, knitwear exports from Tirupur increased to Rs 20,730 crore from Rs 18,000 crore in 2013-14, a growth of 15.52 per cent in Rupee terms and 15.94 per cent in terms of foreign currency, he pointed out.
The total ready-made garment exports from India had for the first time crossed the Rs 1 Lakh crore-mark in 2014-15 to touch Rs 1.03 lakh crore, ($16.82 billion). Of this, knitwear exports was Rs 46,801 crore, with a share of 45.43 per cent, Shaktivel said.
As there was volatility in the euro in the first quarter of 2015-16, the share of dollar quoted by exporters increased to 58.51 per cent against 55.41 recorded in 2014-15, he said. (SH)
Fibre2Fashion News Desk – India