Along with a reduction in orders from western markets due to the ongoing economic recession, tough competition from countries like Vietnam and Bangladesh, Indian apparel exporters now pinning their hopes on non-traditional markets like Russia, Mexico, South Africa, Australia and West Asia to keep their business running. The plan is also to increase apparel exports from India to non-traditional markets from the current 24 percent to 35 percent within next few years.
Apparel exports from India to the US slumped 10.6 percent this year up to July to $1.94 billion (R
10,388 crores), according to data given by the Office of Textiles and Apparel, US. While apparel exports from China and Bangladesh, the major competitors to Indian firms, were almost flat, exports from Vietnam recorded a 9 percent growth.
Tirupur, the country’s hub of garment exports, shipped garments worth around Rs 6,000 crores in the first six months of the current fiscal, which is almost the same compared to last year. Tirupur generally exports garments worth nearly Rs 12,500 crores and industry officials say the figure has remained almost stagnant in the last three years.
According to DK Nair, Secretary General of Confederation of Indian Textile Industry, “While there is a need to reduce dependence on traditional markets like the the US and Europe for exports, Indian apparel manufacturers should also work hard to increase productivity and reduce cost to remain competitive. The US market is recovering slowly which is good news for the Indian apparel industry.” AEPC too has been organising buyer-seller meets across the world to tap opportunities in newer markets and exporters have so far visited Japan, Russia, Israel, South Africa, Norway, Sweden and Denmark over the past few months.
Source : Fashion United
