Apparel exports from India are expected to register 14 percent growth in the 2011-12 fiscal accounting for USD13 billion, reports the PTI. In the 2010-11 fiscal, exports stood at USD 11.4 billion, as per Apparel Export Promotion Council (AEPC) figures.
This is despite a slowdown in Western markets. The US and European markets together account for around 65 percent of garment exports from India. In the period between April 2011 and December 2011, garment exports grew 25 percent at USD9.7 billion, against USD7.7 billion during the same period in the previous fiscal, according to the article published in the Deccan Herald.
A Sakthivel, AEPC chairman as quoted by the PTI, said: “The exporters have started diversifying to new markets like Japan, Israel, Russia, South Africa and Latin America to reduce dependence on the US and European nations.”