India’s RMG export grew 5 per cent in December 2015 over same month a year before

Market Intelligence

India’s RMG export grew 5 per cent in December 2015 over same month a year before

India’s RMG exports touched US$ 1440.8 million in December 2015 which is an increase of 5 per cent over the corresponding month of December 2014 which stood at US$ 1372 million. The data revealed by Apparel Export Promotion Council (AEPC) during 56th IIGF. India’s RMG export in April-December 2015-16 period recorded at US$ 12473.9 million which is up by 2.8 per cent compared to the same period of previous year’s figure of US$ 12137.1 million. This is a positive trend when India’s overall exports are falling rapidly due to weaker demand in the global markets. Indian RMG exporters face fierce competition in international markets as several competing countries enjoy duty benefits in importing countries.

Ashok G Rajani, Chairman AEPC said “Exporters are concerned with zero duty access in EU market by Vietnam. Vietnam exports are likely to grow faster due to implementation of zero duty from 2017 (Indian RMG export faces import duty of 9.6%). Trans Pacific Partnership Agreement allows export opportunities in Vietnam to USA with a benefit of 17-30% export duty relief as well. India-EU Broad-based Trade and Investment Agreement (BTIA) are yet to be finalized, Indian exporters are expecting faster conclusion of the talk so that they can compete with Bangladesh and Vietnam.”