Apparel exports set to cross $17b in Fy15

MUMBAI: Not withstanding the stronger rupee and slower growth in Western markets, India's apparel exports are set to cross $ 17 billion mark in FY'15 from $ 15 billion in FY'14, a senior industry official said here .

"India's total textile exports stood at $ 32 billion of which apparel exports were $ 15 billion in FY 14. The industry is doing well and we expect apparel exports to touch $ 17 billion this year, a growth of 15 per cent," Clothing Manufacturers' Association of India (CMAI) Chairman, Board of Trustees Premal Udani said. The industry is concerned over the stronger rupee value. However, it hopes that value will be maintained at around 60, Udani said. In the year to date period, the rupee has appreciated by over 4 per cent to end at 59.27 versus the US dollar.

India exports nearly 80 per cent of apparels to the US and European markets. The industry now focusing on new markets like Japan and Latin America, due to slower growth in traditional strongholds in the West, he said.

The domestic apparel market is also expected to grow by 12-15 per cent in the current fiscal after logging a slower growth rate in the first few months, CMAI President Rahul Mehta said.

Source : dailyshippingtimes.com