India’s Readymade Garment Exports Soar Triumphantly Amid Global Challenges: AEPC Insights
India’s readymade garment (RMG) exports have demonstrated remarkable resilience with a 17.3% growth, despite global economic challenges and persistent inflation, according to the Apparel Export Promotion Council (AEPC). This surge in RMG exports stands in contrast to the recent slowdown experienced by other major apparel-exporting nations. Sudhir Sekhri, Chairman of AEPC, attributes India’s strong performance to factors such as low import dependence, a comprehensive ecosystem from fiber to fashion, and an abundant, youthful labor force, offering limitless growth potential.
In September alone, RMG exports increased by 17.3% compared to the previous year. For the April-September period, exports totaled $7,505.1 million, reflecting an 8.5% rise over the same period in the previous year. Notably, exports to key markets during April-August, such as the US, UK, and Germany, grew by 9.7%, 6.1%, and 7.2%, respectively. Exports to Spain and the Netherlands soared by 16% and 27.8%. Additionally, markets with Free Trade Agreement (FTA) partnerships saw significant growth, with exports to South Korea up 17.3%, Japan 8.5%, Australia 9.3%, and Mauritius 13%.
Mithileshwar Thakur, Secretary General of AEPC, highlighted the role of FTA partner countries in driving RMG market expansion. To further this momentum, AEPC plans international roadshows in Spain and New York to showcase India’s innovation in trade, technology, and tradition. The robust growth in Indian apparel exports suggests a shift in global sourcing preferences toward India, which is fast becoming a favored destination despite geopolitical tensions and supply chain disruptions.
Thakur emphasized India’s ability to tap into untapped potential, achieving impressive double-digit growth in RMG exports. With the world’s attention turning towards India, its apparel industry is on a promising growth trajectory.
Original Story https://assamtribune.com/business/indias-readymade-garment-exports-surge-despite-global-headwinds-aepc-1554983
Category : Business,More
Tags:
