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17 December 2021, Mumbai:
Apparel exports from India have registered strong growth in the last three months.
Exports in September 2021, October 2021, and November 2021 increased by 20.3 per cent, 13 per cent and 1.3 per cent respectively over the same months in 2019.
In the first quarter of current fiscal India’s apparel exports were $3.4 billion compared to $4.2 billion earned in the same quarter of 2019. Thereafter exports picked up quickly due to a strong recovery in demand in major economies and robust supply fundamentals of the Indian industry.
The strong recovery is predominantly led by robust and fast recovering demand from the United States and the United Arab Emirates. However, on a year-to-date basis, exports are yet to surpass 2019 levels for the current fiscal year.
For April 2021 to November 2021 period, India’s apparel exports have reached $9.7 billion compared to $10 billion in the corresponding period of 2019.
The continuing robust export growth signals a sustained economic rebound. With economic and movement restrictions much reduced globally, the growth momentum in India’s apparel exports is likely to continue.
However, some of that momentum may be hindered if restrictions are reimposed due to the spread of the new Omicron variant.
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