India's apparel exports see over 30% growth in FY22

India's apparel exports registered more than 30% growth during April-March 2021-22 to $16.02 billion compared to the same period last year, official data showed.

The apparel sector contributes nearly 4.4% of the total exports. The main markets for Indian textiles and apparel export are the USA, the European Union, Parts of Asia and the Middle East. Amongst these markets, for knitted garments; the USA holds the maximum share with 26.3% followed by UAE at 14.5% and UK with 9.6%.

According to Minister of State for Textiles Darshana Jardosh Apparel Export Promotion Council is one of the first councils to create a virtual business-to-business platform for connecting Indian MSME exporters to foreign buyers during the pandemic.

The Union Cabinet had recently approved Rs 10,683 crore for enhancing India’s manufacturing capabilities and exports competitiveness under the 'Atma Nirbhar Bharat' initiative with a focus on the promotion of identified man-made fibre apparel and technical textiles lines to create 60-70 global champions in the field.

The size of the current global market of manmade fibre garments & made-ups is nearly $200 billion but India's share is a minuscule $1.6 billion in that or nearly 0.8% of the total global market of man-made fibre. The trade agreements with UAE and Australia and a few in the pipeline with the UK, Canada, Japan and Korea are likely to help boost apparel exports. Apparel shipments are also getting boosted in the aftermath of the Sri Lankan economic crisis as global brands have started diverting their orders from Sri Lanka to India. Sri Lanka exports nearly $5.5 billion worth of garments to global markets per year.

According to AEPC Chairman Narendra Goenka India currently has the largest availability of cotton, jute, silk and wool in the world which is supported by the second largest spinning and weaving capacity, providing the industry with an opportunity for a 95% domestic value addition.

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