New Delhi, Oct 17
India's readymade garment (RMG) exports recorded high growth of 17.3 per cent despite global headwinds and continued inflationary pressure, the Apparel Export Promotion Council (AEPC) said on Thursday.
The RMG export growth in India comes as even major apparel exporting countries have witnessed a slowdown in the RMG export growth in recent months.
"India is uniquely placed with the advantage of low import dependence, existence of the entire ecosystem from fibre to fashion, abundant and young labour force and, therefore, scope for growth is unlimited," said Sudhir Sekhri, Chairman, AEPC.
RMG exports for the month of September increased by 17.3 per cent as compared to September 2023.
The cumulative RMG exports for the April-September period was $7505.1 million. showing a growth of 8.5 per cent over April-September 2023-24, as per the government data.
During the April-August period, the RMG exports to the US registered 9.7 per cent growth, the UK 6.1 per cent, Germany 7.2 per cent, Spain 16 per cent and the Netherlands, 27.8 per cent.
Growth has been witnessed in free trade agreement (FTA) partner countries too, 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.
AEPC will conduct international roadshows in Spain and New York this month to showcase the best of trade, technology and tradition.
The Indian apparel exports are on a high-growth trajectory.
"We have started harnessing the untapped potential and have been logging impressive double-digit growth in RMG exports in the past few months, despite geo-political challenges and supply chain disruptions. It will not be an exaggeration to say that the entire world has started looking at India as a preferred sourcing destination," Thakur emphasised.