India‘s apparel exports in October records highest growth of 31% in FY 2013-14: Chairman AEPC

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India‘s apparel exports in October records highest growth of 31% in FY 2013-14: Chairman AEPC

Releasing the Apparel exports data for the month of October 2013, A Sakthivel Chairman AEPC stated that, “Apparel exports were to the tune of USD 1190 million in October 2013-14 with increase of 30.91 % against the corresponding month of last financial year. In rupee terms, the exports have increased by 53.3 % in Oct. 2013-14 over the same month of previous FY.”

Our efforts and investments in the right markets coupled with the Government support have paid the dividends. It was indeed the difficult time but between opportunity and crisis trade- offs, we kept on looking for better and newer markets; kept innovating our products as well as making robust our compliance practices. With the continued support of the Government apparel exports will be meeting the target set by the Government.

Chairman AEPC further informed that, “Export in dollar terms for April-Oct. of the FY 2013-14 has increased by 15.5 % over the same period of previous FY and reached to USD 8259 million however, in rupee terms exports increased by 26.18 % compared to same period of last FY. In April-Oct. 2013-14 in rupee terms apparel export of India was to the tune of Rs. 49096 crore compared to Rs. 38911 crore in April-Oct. 2012-13.” In the FY 2012-13 exports in dollar terms declined by 6 % from previous FY and totaled USD 12923 million in April-March 2012-13.

Sharing data on the imports to the USA, Chairman AEPC Sakthivel said,“Apparel imports of the United States witnessed increase of 3.7 % in the Jan-Sept of 2013 from the previous year and amounted to 61.1 billion dollars. In the Jan-Sept 2013, US imports of apparel from India increased by 5 % % and reached to USD 2542million against USD 2420million in Jan-Sept 2012. US imports saw increase from all major suppliers in Jan-Sept 2013 over the corresponding period of last year except for Mexico. In Jan-Sept 2013 India was at 6^th position. India exported US$ 238 million apparel in Sept 2013 with increase of 15 % over the same month of previous year.

On the Apparel Imports of EU which is the biggest trading partner Dr Sakthivel observed that, “EU’s apparel import accounted for USD 47.8 billion for the Jan.-July 2013 with no increase over the previous year, India’s export to EU for the Jan-July 2013 amounted to USD 3.4 billion with 1% increase compared to same period of previous year.

Informing about the region wise RMG exports Chairman AEPC said, “Among the regions of destination, EU is the top most RMG export destination of India for April-August 2013 with US$ 2384.5 mn followed by North American region where exports were to the tune of US$ 1476.58 mn West Asia is the third largest regional apparel export destination of India with US$ 1043.33 mn for the same period. Among the regions listed below for India’s apparel export destination, exports have grown significantly to all regions except for the South Asia for April-August 2013 compared to same period of the previous year.

In terms of apparel export growth during April-August 2013 highest growth is registered by South East Asian region followed by West Asia, North America, EU, Latin America and Southern Africa. South Asia has registered decline in the apparel exports from India during April-August 2013 which may be attributed to the regional competition among the members of the South Asia as they are the significant suppliers of apparel in world.

As we know RMG is employment generating sector and small and medium exporters are facing the credit crunch due to high cost of credit and rising inflation. Therefore, I request again for separate chapter for pre/post packing credit rate of 7.5%. RBI should consider this once again so that momentum of garment export growth is sustained. Any investment or incentive to this sector has big potential of employment generation and spurring manufacturing, he added