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Apparel Exports registers record growth of 35% in October 2024
Thu, 2024-11-14
Apparel Export Promotion Council
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Apparel Exports registers record growth of 35% in October 2024
- Strong focus on quality and compliance is reflected in exports growth: Chairman AEPC
14th November 2024, New Delhi/ Gurugram: Commenting on the continued RMG export growth, Shri Sudhir Sekhri, Chairman AEPC stated that, “India’s RMG exports have witnessed record growth despite global headwinds and disruptions due to ongoing wars; reflecting the resilience of industry to withstand tough times. We are now reaping the benefits of the RMG industry’s drive to strongly focus on quality and sustainability. We have been successfully leveraging India’s raw material strength and manufacturing the traditional as well as modern design products. Our constant endeavour to be sustainable and affordable is a great attraction for the international buyers which is reflected in recent months’ exports growth.”
Further Chairman AEPC noted that, “We have also been doing well in few of the FTA’s markets like- South Korea registering, Japan, Australia, Mauritius, etc.”
RMG exports for the month of October 2024 has increased by 35.1% as compared to October 2023 and increased by 24.1% as compared to October 2022. The cumulative RMG exports for the period April- October 2024-25 is USD 8732.6 million showing a growth of 11.6% over April-October 2023-24 and a decline of 4.7% over April- October 2022-23.
“Next year we are organizing India’s biggest textiles fair Bharat Tex 2025, which will be a great platform to showcase our potential. The global buyers and brands are eagerly waiting to source from India and we have been doing roadshows and roundtables to invite them. The response we are receiving from them is very encouraging,” Chairman AEPC Shri Sekhri underlined.
Shri Mithileshwar Thakur, Secretary General, AEPC stated, “This is the time when the supply chain is getting re-aligned due to the Bangladesh crisis and the global buyers looking for China’s alternative. Additionally, ongoing wars have disrupted the traditional trade routes adding to the cost burden. This is the appropriate time for the government to whole- heartedly support this labour- intensive sector through handholding, capacity augmentation, skilling, investment and sustained financial support to this MSME driven sector.” The RMG industry has been making rapid strides and India is fast emerging as the preferred sourcing destination for international buyers and big brands.” We have requested for not only continuation of the interest equalization scheme but also enhancement of the interest equalization rate to 5% for at least five years to offset high cost of capital, SG AEPC added.
Further Chairman AEPC noted that, “We have also been doing well in few of the FTA’s markets like- South Korea registering, Japan, Australia, Mauritius, etc.”
RMG exports for the month of October 2024 has increased by 35.1% as compared to October 2023 and increased by 24.1% as compared to October 2022. The cumulative RMG exports for the period April- October 2024-25 is USD 8732.6 million showing a growth of 11.6% over April-October 2023-24 and a decline of 4.7% over April- October 2022-23.
“Next year we are organizing India’s biggest textiles fair Bharat Tex 2025, which will be a great platform to showcase our potential. The global buyers and brands are eagerly waiting to source from India and we have been doing roadshows and roundtables to invite them. The response we are receiving from them is very encouraging,” Chairman AEPC Shri Sekhri underlined.
Shri Mithileshwar Thakur, Secretary General, AEPC stated, “This is the time when the supply chain is getting re-aligned due to the Bangladesh crisis and the global buyers looking for China’s alternative. Additionally, ongoing wars have disrupted the traditional trade routes adding to the cost burden. This is the appropriate time for the government to whole- heartedly support this labour- intensive sector through handholding, capacity augmentation, skilling, investment and sustained financial support to this MSME driven sector.” The RMG industry has been making rapid strides and India is fast emerging as the preferred sourcing destination for international buyers and big brands.” We have requested for not only continuation of the interest equalization scheme but also enhancement of the interest equalization rate to 5% for at least five years to offset high cost of capital, SG AEPC added.
