India's Readymade Garment Exports Ascend 17.3pc Despite Global Headwind

Indian readymade garment exports witnessed a high growth of 17.3pc despite global headwinds and continued inflationary pressure, the Apparel Export Promotion Council said. The RMG export growth in India comes even as major apparel exporting countries have of late witnessed a slowdown in the RMG export growth.

"India is uniquely placed with the advantage of low import dependence, existence of the entire ecosystem from fibre to fashion, abundant and young labor force, and therefore, scope for growth is unlimited", said Sudhir Sekhri, Chairman, AEPC.RMG exports in September rose by 17.3 per cent over September 2023.

Combined RMG exports for April-September stood at $7505.1 million. According to government data, these rose by 8.5 per cent in the April-September period of 2023-24.

RMG exports to the US stood at 9.7 percent, UK at 6.1 percent, Germany at 7.2 percent, Spain at 16 percent and to the Netherlands stood at 27.8 percent for the April-August period.

GROWTH SITED IN FTA PARTNER COUNTRIES In addition, growth has been reported in FTA partner countries with exports to South Korea registering a jump of 17.3 per cent, Japan 8.5 per cent, Australia 9.3 per cent, Mauritius 13 per cent, etc.

"Quite clearly FTA partner countries are now paving the way for RMG market expansion and growth", said Mithileshwar Thakur, Secretary General, AEPC.

Indian apparel export industry is set to bring in the best of trade, technology, and tradition to Spain and New York as they have scheduled a series of international roadshows during this month.Indian apparel exports are on a high-growth trajectory.

We have tapped the untapped potential and have been recording impressive double-digit growth in RMG exports over the past few months, despite geo-political challenges and supply chain disruptions. It would not be an exaggeration to say that the whole world has started looking at India as a preferred sourcing destination, Thakur said.