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Ready Made Garment (RMG) exports buck the trend of declining exports despite persisting global challenges, registers 11.9% growth: Chairman AEPC
Thu, 2024-09-19
Apparel Export Promotion Council
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Ready Made Garment (RMG) exports buck the trend of declining exports despite persisting global challenges, registers 11.9% growth: Chairman AEPC
- Old FTA partner countries show growth
19th September; New Delhi/ Gurugram: The RMG exports for the month of August 2024 has increased by 11.9% as compared to the same period last year in August 2023. The cumulative RMG exports for the period April-August 2024-25 is USD 6395.0 million.
Speaking on this impressive growth, Shri Sudhir Sekhri Chairman AEPC stated that, “The apparel exports kept its growth momentum despite the global headwinds and persisting red sea crisis and other challenges such as logistic cost and global inflation. Growing at an average of 7.12% in the last five months (April to August 2024-25) RMG exports have bucked the trends of falling merchandise exports which has touched 13 months’ low in August.” It is very encouraging to see the resilience of the industry. With focus on product quality as well as environmental and social compliance the industry is poised to take a leap into high growth trajectory and be a major global player of garment exports, he added.
“I am hopeful that the growth momentum will continue. While the global garment sourcing is realigning itself, we are ready to play a significant role. The long-term policy support for garment exports related schemes will provide stability in the policy regime and will help further thrust garment exports from the country,” Chairman AEPC observed.
Further, Shri Sekhri said “we have made a submission to the government our wish list in our 7-point charter. Flexibility in fabric import, PLI2.0 for capacity augmentation, extension of interest equalization scheme for at least 5 years with increased rate of 5% for all exporters, Urban Area Employment Encouragement Scheme, Incentive for ESG compliance, level playing field in important market such as EU, etc. are some of our major demands.”
Speaking on the RMG export growth Shri Mithileshwar Thakur, Secretary General AEPC stated that, “In recent months RMG exports have demonstrated an extremely positive trend. The recent surge in RMG exports is a testament to the increasing trust global brands have started reposing on India made products.” Most heartening is the news that engagement with old FTA partner countries like Japan & Korea have also started yielding positive results. Our exports to Japan, Korea, Australia, Mauritius & Norway have grown by 7.7%, 16.8%, 12.5%, 6.6% and 17.3% respectively, in the first quarter of this fiscal year.
Further, SG AEPC observed, “RMG sector holds the key to the generation of massive employment opportunities for the youth and women in India. This labor-intensive sector has all the ability to harness India’s demographic dividend and hence there is a need for the right push and support from the Government, especially when the world is looking for options to switch its sourcing from the conventional destinations, due to the changing geo-political considerations.”
- Old FTA partner countries show growth
19th September; New Delhi/ Gurugram: The RMG exports for the month of August 2024 has increased by 11.9% as compared to the same period last year in August 2023. The cumulative RMG exports for the period April-August 2024-25 is USD 6395.0 million.
Speaking on this impressive growth, Shri Sudhir Sekhri Chairman AEPC stated that, “The apparel exports kept its growth momentum despite the global headwinds and persisting red sea crisis and other challenges such as logistic cost and global inflation. Growing at an average of 7.12% in the last five months (April to August 2024-25) RMG exports have bucked the trends of falling merchandise exports which has touched 13 months’ low in August.” It is very encouraging to see the resilience of the industry. With focus on product quality as well as environmental and social compliance the industry is poised to take a leap into high growth trajectory and be a major global player of garment exports, he added.
“I am hopeful that the growth momentum will continue. While the global garment sourcing is realigning itself, we are ready to play a significant role. The long-term policy support for garment exports related schemes will provide stability in the policy regime and will help further thrust garment exports from the country,” Chairman AEPC observed.
Further, Shri Sekhri said “we have made a submission to the government our wish list in our 7-point charter. Flexibility in fabric import, PLI2.0 for capacity augmentation, extension of interest equalization scheme for at least 5 years with increased rate of 5% for all exporters, Urban Area Employment Encouragement Scheme, Incentive for ESG compliance, level playing field in important market such as EU, etc. are some of our major demands.”
Speaking on the RMG export growth Shri Mithileshwar Thakur, Secretary General AEPC stated that, “In recent months RMG exports have demonstrated an extremely positive trend. The recent surge in RMG exports is a testament to the increasing trust global brands have started reposing on India made products.” Most heartening is the news that engagement with old FTA partner countries like Japan & Korea have also started yielding positive results. Our exports to Japan, Korea, Australia, Mauritius & Norway have grown by 7.7%, 16.8%, 12.5%, 6.6% and 17.3% respectively, in the first quarter of this fiscal year.
Further, SG AEPC observed, “RMG sector holds the key to the generation of massive employment opportunities for the youth and women in India. This labor-intensive sector has all the ability to harness India’s demographic dividend and hence there is a need for the right push and support from the Government, especially when the world is looking for options to switch its sourcing from the conventional destinations, due to the changing geo-political considerations.”
