look news india
New Delhi: Exports of readymade garments increased by 17.3% to $1.1 billion in September. Whereas in the first half of the financial year 2024-25, exports have increased by 8.5% to $ 7.5 billion.
Growth returned in February and except for a 1% year-on-year contraction in April, apparel exports have remained in positive territory in the current fiscal year. India's readymade apparel exports have recorded high growth despite the global recession and persistent inflationary pressures. The Apparel Export Promotion Council said even major apparel exporting countries have witnessed a slowdown in readymade apparel export growth in recent months.
India's textile exports have been stagnant for more than a decade. Between 2013 and 2023, it increased from $13.9 billion to $14.5 billion, a cumulative increase of only 4.6%. During this period, textile exports from Vietnam and Bangladesh far surpassed those of India.
India is performing very well in some of the top apparel markets. During April-August 2024, readymade apparel exports grew by 9.7% in the United States, 6.1% in the UK, 7.2% in Germany, 16% in Spain and 27.8% in the Netherlands. During the period April-August 2024, growth has also been witnessed in six partner countries, with exports to South Korea increasing by 17.3%, Japan by 8.5%, Australia by 9.3%, Mauritius by 13% etc.